TORONTO, April 23 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR" or the "Company") announced today that the TSX Venture Exchange (the "Exchange") has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid (the "Bid").
The notice provides that ENPAR may, during the 12 month period commencing April 27, 2009 and ending April 26, 2010, purchase for cancellation up to 2,704,600 of its common shares, representing approximately 5% of the issued and outstanding common shares of the Company. The price which ENPAR will pay for any common shares under the Bid will be the market price at the time of purchase. The purchases will be made through the facilities of the TSX Venture Exchange. The brokerage firm conducting the Bid on behalf of ENPAR is Foster & Associates.
The Company is making the Bid as it is of the view that the Company's common shares have been trading at a range that does not adequately reflect their value in relation to the Company's financial performance and growth prospects. To the extent that the Company purchases for cancellation such common shares in accordance with the Bid, the holdings of remaining shareholders would represent an increased proportion of the common shares outstanding and, all other things remaining equal, are expected to result in an increased net asset value per common share.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of waste water and drinking water contaminated by metals or nutrients i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The common shares trade on the TSX Venture Exchange under the symbol "ENP".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relation to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.