The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

BIOX announces TSX approval of normal course issuer bid

Friday, November 18, 2011

BIOX announces TSX approval of normal course issuer bid07:00 EST Friday, November 18, 2011TSX symbol: BX TORONTO, Nov. 18, 2011 /CNW/ - BIOX Corporation (BIOX) (TSX: BX), a renewable energy company that designs, builds, owns and operates biodiesel production facilities, today announced that the Toronto Stock Exchange ("TSX") has accepted BIOX's notice of intention to make a normal course issuer bid for its outstanding common shares (the "Shares").The notice provides that BIOX may, during the 12 month period commencing November 22, 2011, and ending no later than November 21, 2012, purchase, through the facilities of the TSX, up to 3,004,504 Shares in total, being approximately 10% of the "public float" of the Shares. The price that BIOX will pay for any such shares will be the market price of the Shares on the TSX at the time of acquisition. During the period of the NCIB, BIOX may make purchases under the NCIB by means of open market transactions or otherwise as permitted by the TSX. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of BIOX. Daily purchases under the NCIB will be limited to 16,872 Shares. All Shares purchased under the bid will be cancelled. There have been no previous purchases of Shares by BIOX.As of November 17, 2011, there were 45,748,691 Shares outstanding.BIOX believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects.  As a result, BIOX believes that the purchase of Shares, from time to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.About BIOX CorporationBIOX is a renewable energy company that designs, builds, owns and operates biodiesel production facilities. BIOX currently owns and operates a biodiesel production facility in Hamilton, Ontario, Canada with a nameplate capacity of 67 million litres per year. BIOX has an innovative, proprietary and patented production process that is capable of producing the highest quality, renewable, clean burning and biodegradable biodiesel fuel utilizing a variety of feedstocks - from pure seed oils to animal fats to recovered vegetable oils with no change to the production process. BIOX's high quality biodiesel fuel meets North American (ASTM D-6751) quality standards. BIOX is Canada's largest biodiesel producer and is focused on building, owning and operating a network of commercial scale biodiesel production facilities in jurisdictions where clearly defined renewable fuel standards policies exist.Forward-looking StatementsCertain 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 BIOX, 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 BIOX's current views regarding future events and operating performance are based on information currently available to BIOX, 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 BIOX's results of operations and business outlook are highly dependent on a mix of legislation and producer payment programs and tax credits, including inclusion of BIOX's second production plant in the ecoENERGY for Biofuels Program and receiving funding for that plant under that program; and upon commodity prices, which are subject to significant volatility and uncertainty. Many factors could cause the actual results, performance or achievements of BIOX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including factors described in this press release and those discussed in BIOX's publicly available disclosure documents, as filed by BIOX on SEDAR (www.sedar.com). 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, BIOX does not intend and does not assume any obligation to update these forward-looking statements.For further information: BIOX Corporation Chris Clinning Executive Vice President & CFO Phone: (905) 337-4970 E-mail: cclinning@bioxcorp.com             Investor Relations Ross Marshall TMX Equicom Phone: (416) 815-0700 ext. 238 E-mail: rmarshall@equicomgroup.com