BURLINGTON, ON, March 31, 2020 /CNW/ - EcoSynthetix Inc. (TSX:
ECO) ("EcoSynthetix" or the "Company"), a renewable chemicals
company that produces a portfolio of commercially proven bio-based
products, announced today that it has implemented an automatic
securities purchase plan (the "Automatic Repurchase Plan") with its
designated broker in order to facilitate the purchases of its
common shares (the "Shares") under its previously announced normal
course issued bid ("NCIB") which commenced on May 13, 2019 and expires on May 12, 2020. Under the Automatic Repurchase
Plan, the Company's designated broker may purchase Common Shares
pursuant to the NCIB at times when the Company ordinarily would not
be active in the market due to regulatory restrictions or
self-imposed blackout periods. Purchases made pursuant to the
Automatic Repurchase Plan, if any, will be made by the Company's
designated broker based upon the parameters prescribed by the
Toronto Stock Exchange (the "TSX"), applicable Canadian securities
laws and the terms of the written agreement between the Company and
its designated broker. The Automatic Repurchase Plan constitutes an
"automatic plan" for the purposes of applicable Canadian securities
legislation and has been pre-cleared by the TSX.
The Automatic Repurchase Plan will be effective as of
March 31, 2020.
Purchases under the NCIB will continue be made through the
facilities of the TSX or through a Canadian alternative trading
system and in accordance with applicable regulatory requirements at
a price per Share representative of the market price at the time of
acquisition.
Pursuant to the terms of the NCIB, EcoSynthetix will not acquire
on any given trading day more than 25% of the average daily trading
volume of Shares for the six-month period ending April 30, 2019, being 23,567 Shares, other than
block purchase exceptions. The daily maximum shall be subject to
the Company's ability to make one block purchase of Shares per
calendar week that exceeds such limits. All Shares purchased under
the NCIB will be cancelled upon their purchase. As at March 26, 2020, there were 57,694,013 Shares
issued and outstanding. EcoSynthetix intends to fund the
purchases out of its available resources.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix offers a range of sustainable engineered biopolymers
that allow customers to reduce their use of harmful materials, such
as formaldehyde and styrene-based chemicals. The Company's flagship
products, DuraBind™ and EcoSphere®, are used to manufacture wood
composites, paper and packaging, and enable performance
improvements, economic benefits and sustainability. The Company is
publicly traded on the Toronto Stock Exchange (T:ECO).
Forward-Looking Statements
Certain statements in this Press Release constitute
"forward-looking" statements that involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, objectives or achievements of the Company, or industry
results, to be materially different from any future results,
performance, objectives or achievements expressed or implied by
such forward looking statements. The forward-looking statements in
this Press Release include, but are not limited to, statements
regarding the number of Shares to be purchased under the NCIB, if
any, and the timing of any such purchases, the Company's plans to
execute its commercial strategy, convert late-stage industrial
trial prospects into customers and expand the number of lines and
the volumes at existing customers, and other statements regarding
the Company's plans and expectations in 2020. These statements
reflect our current views regarding future events and operating
performance and are based on information currently available to us,
and speak only as of the date of this Press Release. These
forward-looking statements involve a number of risks, uncertainties
and assumptions and should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such performance or results will be
achieved. Those assumptions and risks include, but are not limited
to, the Company's ability to successfully allocate capital as
needed and to develop new products, as well as the fact that our
results of operations and business outlook are subject to
significant risk, volatility and uncertainty. Many factors could
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including the factors identified in the
"Risk Factors" section of the Company's Annual Information Form
dated March 2, 2020. Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
in this Press Release as intended, planned, anticipated, believed,
estimated or expected. Unless required by applicable securities
law, we do not intend and do not assume any obligation to update
these forward-looking statements
SOURCE EcoSynthetix Inc.