GUELPH, ON, Feb. 7 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR"
or the "Company") announces that the TSX Venture Exchange (the
"Exchange") has accepted a notice filed by the Company stating its
intention to initiate a Normal Course Issuer Bid ("NCIB").
The notice provides that ENPAR may purchase for cancellation up to
2,990,528 of its common shares, representing approximately 5% of the
59,810,578 issued and outstanding common shares of the Company.
Pursuant to the NCIB, ENPAR will pay the market price for any common
shares at the time of purchase during the 12 month period commencing
February 7, 2011 and ending February 6, 2012. All purchases will be
made through the TSX Venture Exchange by Foster & Associates, a Toronto
brokerage firm, acting as an independent trustee on behalf of ENPAR
The Company is making the NCIB as it is of the view that the common
shares have been trading at a range that does not adequately reflect
their value in relation to the Company's assets and growth prospects.
To the extent that the Company purchases for cancellation such common
shares in accordance with the NCIB, 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 purchased and cancelled 10,000 common shares in 2010 pursuant to a
NCIB which terminated on April 26, 2010.
About ENPAR Technologies Inc.
ENPAR is a "Technology Company" applying its patented and proprietary
"Electrochemical Technologies" to the treatment of waste water,
desalination 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 Tier ll of the TSX Venture Exchange
under the symbol "ENP". At present, ENPAR holds a total of 20 patents
and has submitted an additional 18 patent applications related to six
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements within the meaning
of the "safe harbour" 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 relating to market fluctuations, property performance and
other risks. These forward-looking statements speak only as of the
date hereof. Certain statements contained in this press release and in certain
documents incorporated by reference into this press release constitute
forward-looking statements. The use of any of the words "anticipate",
"continue", "estimate", "expect", "may", "will", "project", "should",
"believe" and "confident" and similar expressions are intended to
identify forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. ENPAR believes that the expectations
reflected in those forward-looking statements are reasonable but no
assurance can be given that these expectations will prove to be correct
and such forward-looking statements included in, or incorporated by
reference into, this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. ENPAR
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Enpar Technologies Inc.
For further information:
Gene S. Shelp, Ph.D., P.Geo., President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
Web Site: www.enpar-tech.com