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Press release from CNW Group

Vicwest Inc. Announces Normal Course Issuer Bid

Friday, January 21, 2011

Vicwest Inc. Announces Normal Course Issuer Bid16:36 EST Friday, January 21, 2011Toronto Stock Exchange: VIC, VIC.DBOAKVILLE, ON, Jan. 21 /CNW/ - (TSX: VIC): Vicwest Inc. (the "Corporation") announced today that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to make a normal course issuer bid ("NCIB").The notice provides that the Corporation may, during the 12‐month period commencing January 25, 2011 and ending January 24, 2012, purchase on the TSX up to 850,000 common shares in total, representing approximately 4.9% of the Corporation's outstanding common shares. As of the date hereof, 17,412,112 common shares of the Corporation are outstanding. The aggregate number of common shares that the Corporation may purchase during any trading day will not exceed 8,872 common shares, representing 25% of the average daily trading volume of the common shares based on the trading volume of the TSX for the most recently completed six calendar months preceding the date of the Corporation's notice of intention, subject to the Corporation's ability to make block purchases through the facilities of the TSX in accordance with the TSX rules. Any common shares purchased pursuant to this NCIB will be cancelled by the Corporation.Purchases will be made at market prices through the facilities of the TSX as appropriate opportunities arise from time to time. The Corporation intends to fund the purchases out of its available cash and credit facility. The Corporation believes that the purchase of its common shares represents an investment opportunity and a worthwhile use of its resources.The Corporation also entered into a pre‐defined plan (the "Automatic Purchase Plan") with its designated broker to allow for the repurchase of common shares at times throughout its NCIB when it ordinarily would not be permitted to repurchase common shares in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Subject to certain parameters and restrictions, the Corporation's broker may purchase common shares under the Automatic Purchase Plan, during such times referred to above, provided that the Broker is not, at such times, in possession of undisclosed material information about the Corporation.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. Vicwest Inc.'s common shares trade on the Toronto Stock Exchange and the Corporation is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestinc.com.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 OsborneJohn SlatteryPresident & Chief Executive OfficerExecutive VP & Chief Financial OfficerVicwest Inc.Vicwest Inc.Tel: (905) 469‐5700Tel: (905) 469‐5706Fax: (905) 825‐1090www.vicwestinc.com