RICHMOND, BC, Jan. 2, 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, is
pleased to announce that the TSX Venture Exchange ("TSX-V") has
accepted the Company's notice of intention to make a normal course
issuer bid (the "NCIB") for its common shares through the
facilities of the TSX-V. On January 4,
2018, the Company may commence making purchases of up to a
maximum of 5,500,000 common shares, which represents approximately
5% of the Company's 110,853,718 issued and outstanding common
shares as at the close of trading on December 29, 2017. A purchase of common shares
under the NCIB also may not, when aggregated with the total of any
other purchases in the 30 days preceding the purchase, whether
through the facilities of the TSX-V or otherwise, exceed 2% of the
total issued and outstanding common shares of the Company at the
time the purchase is made.
There can be no assurance as to the number of shares, if any,
that may be repurchased under the plan or the aggregate dollar
amount expended. The Company may discontinue purchases at any time,
subject to compliance with applicable regulatory requirements.
Said Scott Edmonds, President and
CEO, "The Company's priorities for capital deployment are first
funding product development for growth, followed by M&A
activity, and thirdly ongoing share repurchases. The Company has
renewed its NCIB to ensure the ability to pursue such opportunities
as authorized by its Board of Directors. The normal course issuer
bid will terminate on the earlier of the date determined by the
Company and January 3, 2019."
About Photon Control Inc.
Photon Control Inc.
designs, manufactures and distributes a wide range of optical
sensors and instruments to measure temperature, position, and flow.
These products are used by global Original Equipment Manufacturers
(OEM) and end users in the semiconductor and other industries.
Photon Control Inc.'s high quality products provide industry
leading accuracy and reliability in 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 9001:2008 manufacturing facility
in Richmond, 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.photon-control.com/investors.html
Forward-Looking Statements
This news release
contains forward looking statements, including statements relating
to the Company's intentions to purchase common shares under the
normal course issuer bid, which involve risks and uncertainties.
Although the Company believes that the proposed purchase of common
shares under the normal course issuer bid is based upon reasonable
assumptions and expectations, these risks and uncertainties may
cause the Company's actual results to differ materially from those
contemplated or implied by the forward-looking statements. Factors
that might cause or contribute to such differences include, among
others, general economic conditions, the performance of the common
shares of the Company or stock markets generally, competitive
pressures, competing technologies and the market acceptance of the
Company's photonic-based products as a replacement to existing
technologies and products. Readers are encouraged to consider the
other risks and uncertainties discussed in and additional
information contained in the Company's financial statements and
filings filed on SEDAR
at www.sedar.com.
Neither 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.