Press release from Marketwire
Common Share Buy Back Program of Uni-Select Inc.
Wednesday, May 11, 2011
Common Share Buy Back Program of Uni-Select Inc.12:10 EDT Wednesday, May 11, 2011BOUCHERVILLE, QUÉBEC--(Marketwire - May 11, 2011) - Uni-Select Inc. (TSX:UNS) announces today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid (the "Notice") to repurchase some of its outstanding common shares through the facilities of the TSX for a period of twelve months ending May 15, 2012. Up to 200,000 common shares, representing approximately 1% of the 21,691,387 common shares of Uni-Select issued and outstanding on May 10, 2011, may be purchased under the normal course issuer bid. Daily repurchases will be limited to 4,368 common shares, other than block purchase exemptions. The common shares will be repurchased by Uni-Select for cancellation.The number of common shares that Uni-Select intends to repurchase and the time of such repurchases will be determined by Uni-Select, at its discretion. The repurchase period will begin May 16, 2011 and will end on the earlier of May 15, 2012 or the date on which Uni-Select will have either acquired the maximum number of common shares pursuant to the Notice or otherwise decided not to make any further repurchases. All the common shares acquired under the bid will be repurchased at their market price at the time of acquisition.The Board of Directors of Uni-Select has concluded that the repurchase of up to 200,000 common shares is a desirable use of funds for Uni-Select and, therefore, would be in the best interests of Uni-Select and its shareholders. During the last twelve months, Uni-Select has repurchased 14,700 common shares at a weighted average price of $25.79 per share under its normal course issuer bid which commenced on December 21, 2009 and expired on December 20, 2010.Founded in 1968, Uni-Select™ is a Canadian leader in the distribution of automotive replacement parts, equipment, tools and accessories. Uni-Select USA, Inc., a subsidiary of Uni-Select, offers the same products and services to its customers in the United States, where it is the 6th largest distributor; in addition, Uni-Select is, in this market, the premier independent distributor of automotive coatings, body shop accessories and equipment. The Uni-Select network includes over 2,500 independent jobbers and services more than 3,500 points of sale in North America. Uni-Select is headquartered in Montreal. Uni-Select shares (UNS) are traded on the TSX.Certain statements made in this press release contain forward-looking statements which, by their very nature, include risks and uncertainties, such that actual results could differ from those indicated in those forward-looking statements. For additional information with respect to the risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. Unless required to do so pursuant to applicable securities legislation, Uni-Select assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.FOR FURTHER INFORMATION PLEASE CONTACT: Mr. Richard G. RoyUni-Select Inc.President and Chief Executive Officer(450) 641-2440(450) 449-4908 (FAX)ORMr. Denis MathieuUni-Select Inc.Vice President and Chief Financial Officer(450) 641-2440(450) 449-4908 (FAX)www.uni-select.com