Exco Technologies Limited announces initiation of issuer bid
September 29 2011 - 8:00AM
PR Newswire (Canada)
TORONTO, Sept. 29, 2011 /CNW/ - Exco Technologies Limited announces
that it intends to undertake a normal course issuer bid to acquire
up to 1,500,000 of its outstanding Common Shares, being
approximately 3.7% of its outstanding shares. As at this time, Exco
had 40,961,823 Common Shares issued and outstanding. All purchases
will be made through the facilities of and in accordance with the
rules of the Toronto Stock Exchange and all shares purchased will
be cancelled. Except where reliance is had on the Exchange's block
purchase exemption, the maximum number of Shares purchasable under
the bid on any trading day will be limited to 6,436 Common
Shares. The average daily trading volume for the six-month
period ended August 31, 2011 was 25,745 Common Shares. The normal
course issuer bid will commence on October 5, 2011 and end no later
than October 4, 2012. Management of Exco believes such
purchases are an appropriate and desirable use of available funds.
Exco Technologies Limited is a global supplier of innovative
technologies servicing the die-cast, extrusion and automotive
industries. Through our 10 strategic locations, we employ
1,994 people and service a diverse and broad customer base. This
news release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities laws. We use words such as "anticipate", "plan", "may",
"will", "should", "expect", "believe", "estimate" and similar
expressions to identify forward-looking information and statements
especially with respect to closing and completion dates, investment
amounts and Exco Colombia sales levels for future years. Such
forward-looking information and statements are based on assumptions
and analyses made by us in light of our experience and our
perception of historical trends, current conditions and expected
future developments, as well as other factors we believe to be
relevant and appropriate in the circumstances. Readers are
cautioned not to place undue reliance on forward-looking
information and statements, as there can be no assurance that the
assumptions, plans, intentions or expectations upon which such
statements are based will occur. Forward-looking information
and statements are subject to known and unknown risks,
uncertainties, assumptions and other factors which may cause actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed,
implied or anticipated by such information and statements.
These risks, uncertainties and assumptions are described in
the Company's Management's Discussion and Analysis included in our
2010 Annual Report, in our 2010 Annual Information Form and, from
time to time, in other reports and filings made by the Company with
securities regulatory authorities. While the Company believes that
the expectations expressed by such forward-looking information and
statements are reasonable, there can be no assurance that such
expectations and assumptions will prove to be correct. In
evaluating forward-looking information and statements, readers
should carefully consider the various factors which could cause
actual results or events to differ materially from those indicated
in the forward-looking information and statements. Readers are
cautioned that the foregoing list of important factors is not
exhaustive. Furthermore, the Company disclaims any
obligations to update publicly or otherwise revise any such factors
or any of the forward-looking information or statements contained
herein to reflect subsequent information, events or developments,
changes in risk factors or otherwise. Exco Technologies Limited
CONTACT: Source: Exco Technologies Limited (TSX: XTC)Contact: Paul
Riganelli, Vice-President, Finance and Chief FinancialTelephone:
OfficerWebsite: (905) 477-3065 Ext 7228http://www.excocorp.com
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