Press release from Marketwire
AirBoss Announces Renewal of Normal Course Issuer Bid
Wednesday, May 08, 2013
AirBoss Announces Renewal of Normal Course Issuer Bid10:46 EDT Wednesday, May 08, 2013
NEWMARKET, ONTARIO--(Marketwired - May 8, 2013) -
AirBoss of America Corp. (TSX:BOS) (the "Company" or "AirBoss"), announced today that it has received approval from the Toronto Stock Exchange ("TSX") of the notice of its intention to renew its normal course issuer bid to repurchase up to 1,646,991 of its common shares through the facilities of the TSX being approximately 10% of the public float of 16,469,917 on May 3, 2013. AirBoss has 22,553,208 common shares outstanding as of May 3, 2013. In the proceeding 12 month period, AirBoss purchased 533,368 common shares for cancellation at a weighted average purchase price of $4.51 per common share.
Subject to the Company's ability to make "block" purchases through the facilities of the TSX, the maximum number of shares that the Company may purchase on any trading day is up to 4,974 shares. The normal course issuer bid will be renewed on May 17, 2013 and will terminate on May 16, 2014. The price paid for any common shares acquired by AirBoss will be the market price of the shares at the time of acquisition. All shares acquired by AirBoss under the bid will be cancelled. Purchases pursuant to the bid will be conducted by a broker engaged by AirBoss to make purchases under the normal course issuer bid in accordance with the policies of the TSX. AirBoss has entered into an "automatic share purchase plan" to allow for the repurchase of shares at times when AirBoss ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The automatic share purchase plan complies with and has been adopted in accordance with the requirements of applicable Canadian securities laws. The Company is renewing its normal course issuer bid because it believes that, from time to time, the market prices of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. As a result, depending upon future price movements and other factors, the Company believes that its outstanding shares may represent an attractive investment for the Company.
AirBoss of America Corp. develops, manufactures, and sells high quality, proprietary rubber-based products offering enhanced performance and productivity to transportation, military and industrial markets. With a capacity to supply 250 million pounds of rubber annually to a diverse group of rubber manufacturers, AirBoss is also one of North America's largest custom rubber compounding companies. The Company's shares trade on the TSX under the symbol BOS. Visit www.airbossofamerica.com.
AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER
Certain statements included herein, including those that express management's expectations or estimates of future developments or AirBoss' future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Words such as "may", "could" "expects", "anticipates", "forecasts ", "plans", "intends" or similar expressions are intended to identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies. AirBoss cautions that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause AirBoss' actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation: impact of general economic conditions; its dependence on key customers; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss' ability to maintain existing customers or develop new customers in light of increased competition; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage caused by it and non-compliance with environmental laws and regulations; potential product liability and warranty claims and equipment malfunction.
This list is not exhaustive of the factors that may affect any of AirBoss' forward-looking statements. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly these forward-looking statements. Risks and uncertainties about AirBoss's business are more fully discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2012 Annual Report to Shareholders under the heading "Risk Factors".
FOR FURTHER INFORMATION PLEASE CONTACT:
AirBoss of America Corp.
AirBoss of America Corp.