NORTH PLAINS, Ore.,
May 23, 2017 /PRNewswire/ --
Jewett-Cameron Trading Company Ltd. ("Jewett-Cameron")
(NASDAQ:JCTCF) is pleased to announce that its Board of Directors
has authorized the implementation of a share repurchase plan to
purchase for cancellation up to 225,000 common shares through
facilities of the NASDAQ Stock Market ("NASDAQ"). This amount
represents approximately 9.9% of the 2,286,294 common shares
outstanding.
The share repurchase plan will be effected in accordance with
Rule 10b-18 under the U.S. Securities Exchange Act of 1934, which
contains restrictions on the number of shares that may be purchased
on a single day, subject to certain exceptions for block purchases,
based on the average daily trading volumes ("ADTV") of
Jewett-Cameron's shares on NASDAQ. Purchases shall be limited
to daily purchases in an amount up to 25% of the ADTV in its
shares, or one "Block" purchase per week in lieu of the 25% of ADTV
limitation for compliance with Rule 10b-18(b)(4). A "block" as
defined under Rule 10b-18(a)(5) means a quantity of stock that,
among other things, is at least 5,000 shares and has a purchase
price of at least US$50,000.
Transactions may involve Jewett-Cameron insiders or their
affiliates executed in compliance with Jewett-Cameron's Insider
Trading Policy.
This share repurchase plan may commence on June 1, 2017 and will remain in place until
August 30, 2017 but may be limited or
terminated at any time without prior notice.
The share repurchase program was approved by the Company's Board
of Directors who believe that a share repurchase program at this
time is in the best interests of the Company and its shareholders,
and will not impact the Company's ability to execute its growth
plans.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that,
through its subsidiaries, operates out of facilities located in
North Plains, Oregon.
Jewett-Cameron Company's business consists of the manufacturing and
distribution of specialty metal products and wholesale distribution
of wood products to home centers and other retailers located
primarily in the United States.
Greenwood Products is a processor and distributor of industrial
wood and other specialty building products principally to customers
in the marine and transportation industries in the United States. MSI-PRO is an importer and
distributor of pneumatic air tools, industrial clamps, and the
Avenger Products line of sawblades and other products.
Jewett-Cameron Seed Company is a processor and distributor of
agricultural seeds. JC USA
provides professional and administrative services, including
accounting and credit services, to its subsidiary companies.
Safe Harbor Statement
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other
than statements of historical facts, included in this press release
regarding our strategy, future operations, future financial
position, future revenues, certain statements and expectations
regarding the asset acquisition, projected costs, prospects, plans
and objectives of management are forward-looking statements. We may
not actually achieve the plans, intentions or expectations
disclosed in our forward-looking statements and you should not
place undue reliance on our forward-looking statements. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements we make. There are a number of important factors that
could cause Jewett-Cameron's actual results to differ materially
from those indicated by such forward-looking statements which are
described in the "Risk Factors" section of our most recent periodic
report and registration statement filed with the SEC. We disclaim
any intention or obligation to update any forward-looking
statements.
For further information, contact:
Charlie Hopewell
President and CEO
Jewett-Cameron Trading Company Ltd.
(503) 647-0110
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jewett-cameron-trading-company-ltd-authorizes-share-repurchase-plan-300462570.html
SOURCE Jewett-Cameron Trading Company Ltd.