The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Vicwest Inc. Announces Intention to Make a Normal Course Issuer Bid

Wednesday, January 05, 2011

Vicwest Inc. Announces Intention to Make a Normal Course Issuer Bid16:45 EST Wednesday, January 05, 2011Toronto Stock Exchange: VIC, VIC.DBOAKVILLE, ON, Jan. 5, 2011 /CNW/ - Vicwest Inc. (the "Corporation") announced today that it has filed a notice with the Toronto Stock Exchange ("TSX") of its intention to make a normal course issuer bid. The normal course issuer bid would be for a portion of the common shares of the Corporation as appropriate opportunities arise from time to time. The Corporation's normal course issuer bid ("NCIB") will be made in accordance with the by-laws, rules and policies of the TSX. Subject to TSX approval, the Corporation may begin to purchase its common shares in early January 2011.Pursuant to the notice, the Corporation intends to acquire up to 850,000 common shares for cancellation over the 12 months following commencement of the bid, which represents approximately 4.9% of the Corporation's outstanding common shares. Purchases will be made at market prices through the facilities of the exchange. The Corporation intends to fund the purchases out of its available cash and credit facility. The Corporation believes that the purchase of common shares represents an investment opportunity and a worthwhile use of its resources.About Vicwest Inc.Vicwest Inc. is a leading manufacturer and distributor of building construction products, and steel containment products for agricultural grain, fertilizer and liquid storage. Through its Vicwest Building Products division, the Corporation fabricates and markets metal roofing, siding and other metal building products under the trade names Vicwest, Mercury Metals, Valley Truss & Metal RCA Metal and AWIP‐Vicwest USA. The Corporation's Westeel Storage Solutions division manufactures storage solutions for agricultural grain and fertilizer, as well as liquid storage tanks and accessories. These products are manufactured and distributed under the trade names Westeel, Northern Steel Industries and NSI. Through a global alliance, Westeel also distributes Buhler Industries‐manufactured grain handling equipment in Canada under the Westeel brand. With approximately 1,200 dedicated employees and strategically located manufacturing facilities, the Corporation delivers superior quality products and excellent service to customers in chosen markets.Forward‐Looking StatementsCertain statements in this news release may constitute "forward‐looking" statements. When used in this news release, such statements use words, including but not limited to, "may", "will", "expect", "believe", "plan", "intend", "anticipate", "future" and other similar terminology. These forward‐looking statements reflect the current expectations of the Corporation's management regarding future events but involve known and unknown risks, uncertainties and other factors which may cause outcomes or the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These factors would include, but are not limited to, dependence on market and economic conditions, sales and margin risk, competition, information system risks, availability of supply of products, risks associated with the introduction of new product lines, product design risk, environmental risks, volatility of commodity prices, inventory risks, customer and vendor risks, acquisition and integration risks, availability of credit, credit risks, interest rate risks, regulatory risks and employee retention risks. These forward‐looking statements speak only as of the date of this news release. Except as required by applicable securities laws, the Corporation does not undertake, and specifically disclaims, any obligation to update or revise any forward looking information, whether as a result of new information, future developments or otherwise, except as required by applicable law.For further information: Colin Osborne President & Chief Executive Officer Vicwest Inc. Tel: (905) 469-5700          John Slattery Executive VP & Chief Financial Officer Vicwest Inc. Tel: (905) 469-5706 www.vicwestinc.com