AirBoss Announces Renewal of Normal Course Issuer Bid
08 Maggio 2013 - 4:46PM
Marketwired
AirBoss of America Corp. (TSX:BOS) (the "Company" or "AirBoss"),
announced today that it has received approval from the Toronto
Stock Exchange ("TSX") of the notice of its intention to renew its
normal course issuer bid to repurchase up to 1,646,991 of its
common shares through the facilities of the TSX being approximately
10% of the public float of 16,469,917 on May 3, 2013. AirBoss has
22,553,208 common shares outstanding as of May 3, 2013. In the
proceeding 12 month period, AirBoss purchased 533,368 common shares
for cancellation at a weighted average purchase price of $4.51 per
common share.
Subject to the Company's ability to make "block" purchases
through the facilities of the TSX, the maximum number of shares
that the Company may purchase on any trading day is up to 4,974
shares. The normal course issuer bid will be renewed on May 17,
2013 and will terminate on May 16, 2014. The price paid for any
common shares acquired by AirBoss will be the market price of the
shares at the time of acquisition. All shares acquired by AirBoss
under the bid will be cancelled. Purchases pursuant to the bid will
be conducted by a broker engaged by AirBoss to make purchases under
the normal course issuer bid in accordance with the policies of the
TSX. AirBoss has entered into an "automatic share purchase plan" to
allow for the repurchase of shares at times when AirBoss ordinarily
would not be active in the market due to its own internal trading
blackout periods, insider trading rules or otherwise. The automatic
share purchase plan complies with and has been adopted in
accordance with the requirements of applicable Canadian securities
laws. The Company is renewing its normal course issuer bid because
it believes that, from time to time, the market prices of its
common shares may not fully reflect the underlying value of the
Company's business and its future business prospects. As a result,
depending upon future price movements and other factors, the
Company believes that its outstanding shares may represent an
attractive investment for the Company.
AirBoss of America Corp. develops, manufactures, and sells high
quality, proprietary rubber-based products offering enhanced
performance and productivity to transportation, military and
industrial markets. With a capacity to supply 250 million pounds of
rubber annually to a diverse group of rubber manufacturers, AirBoss
is also one of North America's largest custom rubber compounding
companies. The Company's shares trade on the TSX under the symbol
BOS. Visit www.airbossofamerica.com.
AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER
Certain statements included herein, including those that express
management's expectations or estimates of future developments or
AirBoss' future performance, constitute "forward-looking
statements" within the meaning of applicable securities laws. Words
such as "may", "could" "expects", "anticipates", "forecasts ",
"plans", "intends" or similar expressions are intended to identify
forward-looking statements.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by
management at the time the statements are made, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. AirBoss cautions that such
forward-looking statements involve known and unknown risks,
uncertainties and other risks that may cause AirBoss' actual
financial results, performance or achievements to be materially
different from its estimated future results, performance or
achievements expressed or implied by those forward-looking
statements. Numerous factors could cause actual results to differ
materially from those in the forward-looking statements, including
without limitation: impact of general economic conditions; its
dependence on key customers; cyclical trends in the tire and
automotive, construction, mining and retail industries; sufficient
availability of raw materials at economical costs; weather
conditions affecting raw materials, production and sales; AirBoss'
ability to maintain existing customers or develop new customers in
light of increased competition; changes in accounting policies and
methods, including uncertainties associated with critical
accounting assumptions and estimates; changes in the value of the
Canadian dollar relative to the US dollar; changes in tax laws and
potential litigation; ability to obtain financing on acceptable
terms; environmental damage caused by it and non-compliance with
environmental laws and regulations; potential product liability and
warranty claims and equipment malfunction.
This list is not exhaustive of the factors that may affect any
of AirBoss' forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to AirBoss
or persons acting on its behalf are expressly qualified in their
entirety by this notice. Whether as a result of new information,
future events or otherwise, AirBoss disclaims any intent or
obligation to update publicly these forward-looking statements.
Risks and uncertainties about AirBoss's business are more fully
discussed in the Management's Discussion and Analysis of Financial
Condition and Results of Operations in the 2012 Annual Report to
Shareholders under the heading "Risk Factors".
Contacts: AirBoss of America Corp. R.L. Hagerman CEO
905-751-1188 AirBoss of America Corp. Stephen Richards CFO
905-751-1188 www.airbossofamerica.com
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