BURLINGTON, ON, April 10, 2018 /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 intends to make a normal course
issuer bid (the "Bid") to repurchase, through the facilities of the
Toronto Stock Exchange ("TSX") or other Canadian market places
certain of its outstanding common shares ("Shares").
The number of Shares to be purchased during the period of the
Bid from April 12, 2018 to
April 11, 2019 will not exceed
4,461,696 Shares being approximately 10% of the outstanding shares
as of March 31, 2018, other than the
Shares held by directors, senior officers and principal security
holders. The actual number of Shares which may be purchased
pursuant to the Bid and the timing of any such purchases will be
determined by the management of EcoSynthetix. As at March 31, 2018 there were 57,916,816 Shares
issued and outstanding. Pursuant to the terms of the Bid,
EcoSynthetix will not acquire on any given trading day more than
25% of the average daily trading volume of Shares for the most
recently completed six-month period, being 9,950 Shares, other than
block purchase exceptions. All purchases made pursuant to the Bid
will be made through the facilities of the TSX or other Canadian
market places or by such other means as may be permitted by
applicable Canadian securities laws and EcoSynthetix will cancel
any such Shares purchased pursuant to the Bid.
The Bid has been authorized by the Board of Directors of
EcoSynthetix to allow EcoSynthetix to purchase Shares if in the
opinion of management the purchases can be made on terms which will
enhance the value of the remaining outstanding Shares.
EcoSynthetix is undertaking the Bid because it believes that the
market may undervalue the common shares of EcoSynthetix from time
to time and that the common shares may trade in a price range which
may not adequately reflect the value of such shares in relation to
the business, assets and future prospects of EcoSynthetix from time
to time.
Pursuant to the previous notice of intention to conduct a normal
course issuer bid, under which the Company sought and received
approval from the TSX to purchase up to 3,370,148 Common Shares, no
Shares were purchased for the period from March 14, 2016 to March
13, 2017.
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 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 2018. 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 6,
2018. 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.