BURLINGTON, ON, Nov. 19, 2014 /CNW/ - EcoSynthetix Inc. (TSX:ECO)
("EcoSynthetix" or the "Company") 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")
certain of its outstanding common shares ("Shares").
The number of Shares to be purchased during the period of the
Bid from November 21, 2014 to
November 20, 2015 will not exceed
2,714,106 Shares being approximately 5% of the outstanding shares
as of November 17, 2014. 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 November 17,
2014 there were 54,282,134 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 13,246 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 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 normal course issuer bid undertaken by
the Company, an aggregate of 406,840 Shares were purchased for the
period from November 13, 2013 to
November 12, 2014 at an average
weighted price of $2.04 per
Share.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix Inc. is a renewable chemicals company specializing
in bio-based products that can be used as inputs in industrial
manufacturing for a wide range of consumer products. The Company's
products offer a reduced carbon footprint and are marketed
primarily on the basis of lower cost, stable pricing and equal or
superior performance. EcoSynthetix's lead product,
EcoSphere® biolatex® binders, is used
commercially by a number of the global top 20 manufacturers in the
coated paper and paperboard industry.
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. 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 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 28, 2013. 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.