Omni-Lite Industries Canada Inc.
CERRITOS, CA / ACCESSWIRE / May 21, 2014 / Omni-Lite Industries Canada Inc. ("Omni-Lite" or the "Company") announces that it has received approval from the TSX Venture Exchange ("TSXV") of its Notice of Intention to Make a Normal Course Issuer Bid ("Bid"). Pursuant to the Bid, the Company may repurchase for cancellation up to 604,000 common shares of the Company which is equal to approximately 5 percent of the 12,096,932 issued and outstanding shares.
The purchases will be made by the Company through Cormark Securities Inc. and in accordance with the rules of the TSXV. The price which the Company will pay for any such Common Shares will be the market price at the time of acquisition. The Company will make purchases of Common Shares through the facilities of the TSX Venture Exchange or through other recognized marketplaces.
The actual number of Common Shares of the Company that are purchased for cancellation under the Bid, and the timing of such purchases will be determined by management. This Normal Course Issuer Bid has been approved by the Board of Directors of the Company.
To the knowledge of the Company, no director, senior officer or other insider of Omni-Lite currently intends to sell any Common Shares under this Bid. However, sales by such persons through the facilities of the TSXV may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.
To date, the Company has repurchased and canceled a total of 156,500 common shares pursuant to the previous normal course issuer bid which ends May 23, 2014.
Purchases may begin on May 26, 2014 and the Bid expires on May 25, 2015.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Mr. Tim Wang, CFO
Tel. No. (562) 404-8510 or (800) 577-6664 (Canada and USA)
Fax. No. (562) 926-6913, email: [email protected]
SOURCE: Omni-Lite Industries Canada Inc.