VANCOUVER, May 24, 2018 /CNW/ - Photon Control
Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a
leading developer and supplier of optical measurement technologies
to the global semiconductor industry, announces that it has
received final approval for the listing of its common shares (the
"Common Shares") on the Toronto Stock Exchange (the "TSX").
The Common Shares will be listed and posted for trading on the
TSX at the opening of markets on Friday,
May 25, 2018.
Upon listing on the TSX, the Common Shares will continue to
trade under the symbol "PHO". In conjunction with the listing of
the Common Shares of the Company on the TSX, the Common Shares will
concurrently be delisted from the TSX Venture Exchange.
"This new listing reflects not just our consistent revenue
growth and profitability, but also our improved governance
practices, and marks a historic milestone for our Company and our
shareholders," said Scott Edmonds,
President and CEO. "The TSX is Canada's premier exchange, and this listing
provides our shareholders with greater liquidity by making our
shares visible and available to a much larger pool of capital."
Photon Control's normal course issuer ("NCIB") bid previously
announced by the Company on January 2,
2018 has been accepted by the TSX. The NCIB will continue
through the facilities of, the TSX and other Canadian marketplaces,
and is limited to a maximum aggregate of 5,500,000 Common Shares.
Purchases may commence through the TSX on Friday, May 25, 2018, being the day of listing of
the Common Shares on the TSX, and will conclude on the earlier of
the date on which purchases under the bid have been completed and
January 3, 2019. Daily purchases
under the NCIB will be limited to a maximum of 58,122 Common
Shares, being 25% of the average daily trading volume over the
prior six months, other than purchases made in compliance with the
provisions of the block purchase exemption of the TSX rules. The
Company has purchased nil common shares under the NCIB since
January 2, 2018.
Paradigm Capital Inc. ("Paradigm") will act as the broker firm
responsible for making purchases of Common Shares under the NCIB on
behalf of Photon Control, pursuant to an automatic purchase plan
agreement (the "APP Agreement"). Purchases under the APP Agreement
will be determined by Paradigm in its sole discretion, without
consultation with the Company, subject to the limitations of the
APP Agreement and the rules of the TSX.
About Photon Control Inc.
Photon Control Inc.
designs, manufactures and distributes a wide range of optical
sensors and systems to measure temperature and position. These
products are used by the world's largest Wafer Fabrication
Equipment ("WFE") manufacturers and end users in the semiconductor
and solid-state industries. Photon Control Inc.'s high quality
products provide industry leading accuracy, speed and quality in
the most extreme conditions and are backed by a team of experts
providing a variety of on-site and remote services including custom
design, installation, training and support. Headquartered in an ISO
9001:2015 manufacturing facility in Vancouver, BC, Photon Control Inc. is listed
on the TSX Venture Exchange, trading under the symbol ''PHO."
Additional information about the company can be found at
www.photoncontrol.com/investors.html.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Photon Control Inc.