NORTH PLAINS, Ore.,
Jan. 17, 2012 /PRNewswire/
-- Jewett-Cameron Trading Company Ltd. ("Jewett-Cameron") (NASDAQ:JCTCF; TSX:JCT) today is
pleased to announce that its Board of Directors has authorized the
implementation of a share repurchase plan to purchase for
cancellation up to 300,000 common shares through facilities of the
NASDAQ Stock Market ("NASDAQ"). This amount represents
approximately 16% of the approximately 1.9 million common shares
outstanding. During 2010 and 2011, the Company repurchased
532,520 shares under prior formal plans of
repurchase.
Transactions may involve the Jewett-Cameron Trading Company Ltd.
Employee Stock Ownership Plan. Transactions may also involve
Jewett-Cameron insiders or their
affiliates executed in compliance with Jewett-Cameron's Insider Trading Policy.
The share repurchase plan will be effected in accordance with
Rule 10b-18 under the U.S. Securities Exchange Act of 1934, which
contains restrictions on the number of shares that may be purchased
on a single day, subject to certain exceptions for block purchases,
based on the average daily trading volumes ("ADTV") of
Jewett-Cameron's shares on
NASDAQ. Purchases shall be limited to one "Block" purchase
per week in lieu of the 25% of ADTV limitation for compliance with
Rule 10b-18(b)(4). A "block" as defined under Rule 10b-18(a)(5)
means a quantity of stock that, among other things, is at least
5,000 shares and has a purchase price of at least US$50,000.
This share repurchase plan may commence on January 23, 2012 and will remain in place until
May 18, 2012 but may be limited or
terminated at any time without prior notice.
The share repurchase program was approved by the Company's Board
of Directors as part of its ongoing consideration of alternative
ways to leverage the Company's strong cash position. The Board of
Directors believes that a share repurchase program at this time is
in the best interests of the Company and its shareholders, and will
not impact the Company's ability to execute its growth
plans.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company Ltd. was incorporated in
British Columbia on July 8, 1987 as a holding company for
Jewett-Cameron Lumber Corporation ("JCLC"), incorporated September
1953. Jewett-Cameron Trading Company, Ltd. acquired all the
shares of JCLC through a stock-for-stock exchange on July 13, 1987, and at that time JCLC became a
wholly owned subsidiary. JCLC has the following wholly owned
subsidiaries. MSI-PRO Co. ("MSI"), incorporated April 1996, Jewett-Cameron Seed Company,
("JCSC"), incorporated October 2000,
and Greenwood Products, Inc. ("Greenwood"), incorporated February
2002. Jewett-Cameron Trading Company, Ltd. and its
subsidiaries (the "Company") have no significant assets in
Canada.
The Company, through its subsidiaries operates out of facilities
located in North Plains, Oregon
and the vicinity of Portland,
Oregon. JCLC's business consists of warehouse distribution
and direct sales of wood products and specialty metal products to
home centers and other retailers located primarily in the United
States. Greenwood is a processor and distributor of
industrial wood and other specialty building products principally
to customers in the marine and transportation industries in the
United States. MSI is an importer and distributor of
pneumatic air tools and industrial clamps in the United
States. JCSC is a processor and distributor of agricultural
seeds in the United States.
Safe Harbor Statement
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other
than statements of historical facts, included in this press release
regarding our strategy, future operations, future financial
position, future revenues, certain statements and expectations
regarding the asset acquisition, projected costs, prospects, plans
and objectives of management are forward-looking statements. We may
not actually achieve the plans, intentions or expectations
disclosed in our forward-looking statements and you should not
place undue reliance on our forward-looking statements. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements we make. There are a number of important factors that
could cause Jewett-Cameron's
actual results to differ materially from those indicated by such
forward-looking statements which are described in the "Risk
Factors" section of our most recent periodic report and
registration statement filed with the SEC. We disclaim any
intention or obligation to update any forward-looking
statements.
For further information, contact:
Donald Boone
President/CEO, Jewett-Cameron Trading Company Ltd.
(503) 647-0110
SOURCE Jewett-Cameron Trading Company Ltd.