ENGLEWOOD, Colo. - January 2, 2012 - Gevo, Inc.
(NASDAQ: GEVO) today announced that its Board of Directors has
approved a stock repurchase program that authorizes Gevo to
repurchase up to $15,000,000 of its common stock over a one-year
period. The Company expects to fund its stock repurchase program
with existing cash and cash equivalents on hand. Any shares
repurchased will be classified as treasury stock or retired.
"This new stock repurchase program reflects our
confidence in Gevo's future," said Patrick Gruber Ph.D., Chief
Executive Officer of Gevo. "We see this program as an opportunity
to enhance value for our stockholders through disciplined
repurchases of shares of our common stock at what we believe are
undervalued prices."
The stock repurchase program is effective
immediately. Repurchases of the Company's common stock may be made
from time to time through a variety of methods, including open
market purchases, privately negotiated transactions, and block
transactions. Gevo has no obligation to repurchase shares under the
stock repurchase program. The timing, volume, and value of the
shares that are repurchased will be at the discretion of the
Company's management and will depend upon a number of
considerations, including the trading price of the Company's common
stock, general market conditions, applicable legal requirements,
and other factors. The stock repurchase program will expire on
December 31, 2013, unless the program is completed sooner,
suspended, terminated, or otherwise extended.
About Gevo
Gevo is a leading renewable chemicals and
next-generation biofuels company. Gevo's patent-protected,
capital-light business model converts existing ethanol plants into
biorefineries to make isobutanol. This versatile chemical can be
directly integrated into existing chemical and fuel products to
deliver environmental and economic benefits. Gevo started up its
first commercial isobutanol facility in Luverne, Minn., and has a
marquee list of partners including Coca-Cola, Sasol, and LANXESS,
among others. Gevo is committed to a sustainable biobased economy
that meets society's needs for plentiful food and clean air and
water. For more information, visit www.gevo.com.
Forward-Looking
Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements that are not purely
statements of historical fact, and can sometimes be identified by
our use of terms such as "intend," "expect," "plan," "estimate,"
"future," "strive" and similar words. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of the management of Gevo and are
subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and the company undertakes no obligation to
update or revise these statements, whether as a result of new
information, future events or otherwise. Although the company
believes that the expectations reflected in these forward-looking
statements are reasonable, these statements involve many risks and
uncertainties that may cause actual results to differ materially
from what may be expressed or implied in these forward-looking
statements. For a further discussion of risks and uncertainties
that could cause actual results to differ from those expressed in
these forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2011,
as amended, and in subsequent reports on Forms 10-Q and 8-K and
other filings made with the Securities and Exchange Commission by
Gevo.
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