Atrium Innovations Announces Commencement of a First Normal Course Issuer Bid
QUEBEC CITY, Nov. 10 /CNW Telbec/ - Atrium Innovations Inc. (TSX: ATB) announced today that it has filed with the Toronto Stock Exchange ("TSX"), and the TSX has accepted, a Notice of Intention to make a Normal Course Issuer Bid. Under its normal course issuer bid, Atrium intends to purchase up to 1,639,617 of its common shares, representing approximately 5% of the 32,792,340 common shares issued and outstanding as of October 31, 2010. The average daily trading volume for the 6-month period preceding October 31, 2010 represents 83,018 common shares. In accordance with the TSX requirements, a maximum daily purchase of the greater of 25% of this average or 1,000 shares may be made, which represents a total of 20,754 common shares.
Purchases will be made on the open market by Atrium through the facilities of the TSX. The purchases may commence on November 15, 2010 and will terminate on November 14, 2011, or on such earlier date as Atrium will have completed its purchases pursuant to the Notice of Intention to make a Normal Course Issuer Bid filed with the TSX. Atrium will cancel any common shares purchased pursuant to the normal course issuer bid. Atrium will pay the market price of common shares on the TSX at the time of purchase and no purchases of common shares will be made other than open-market purchases.
The Company considers that repurchasing common shares is a sound business and financial decision as shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of the Company will be increased on a pro rata basis.
No appraisal or valuation regarding the Company, its material assets or securities was prepared within the two years preceding the date of the Notice of Intention to make a Normal Course Issuer Bid.
Atrium Innovations Inc. is a globally recognized leader in the innovation, formulation, production and commercialization of science-based and professionally endorsed dietary supplements for the health & nutrition industry. The Company focuses primarily on growing segments of the health and nutrition markets which are benefiting from the trends towards healthy living and the ageing of the population. Atrium markets a broad portfolio of finished products through its highly specialized sales and marketing network in more than 35 countries, primarily in North America and Europe. Atrium has over 925 employees and operates seven manufacturing facilities. Additional information about Atrium is available on its website at www.atrium-innovations.com.
Cautionary Note and Forward-Looking Statements
This press release is not an offer of securities for sale. This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company. For additional information with respect to these and other factors, see the Company's quarterly and annual filings with the Canadian securities commissions. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.For further information: Investor Relations: Mario Paradis, Vice President and Chief Financial Officer, Tel.: 418 652-1116, email@example.com; Pierre Boucher, MaisonBrison Communications, Tel.: 514 731-0000, ext. 237, firstname.lastname@example.org; Media Relations: Amélie Germain, Director of Communications, Tel.: 418 652-1116, email@example.com