L'ISLET, QC, June 10 /CNW Telbec/ - Amisco Industries Ltd. (the
"Company") announces that its Board of Directors has authorized the Company to
purchase up to 193 500 common shares of its share capital in the normal course
of business, representing approximately 5% of the 3 870 170 common shares
issued and outstanding as of this day. This issuer bid could begin as of
June 12, 2008, if the Company deems appropriate, and will end no later than
June 11, 2009. The common shares purchased under the bid will be cancelled.
The shares will be purchased through the Toronto Stock Exchange (the
"Exchange") in accordance with the regulations pertaining to normal course
issuer bids. The price to be paid by the Company for any share redeemed will
therefore be the trading price at the time of purchase.
The average daily trading volume of the Company's common shares over the
late six completed calendar months was 1,040 (the "ADTV"). Accordingly, under
the Exchange rules and policies, the Company is entitled on any trading day to
purchase up to 1,000 common shares. Once a week, in excess of the daily
1,000 repurchase limit, the Company may also purchase a block of common shares
not owned by an insider (i) having a purchase price of $200,000 or more, (ii)
of a least 5,000 shares having a purchase price of at least $50,000, or (iii)
of at least 20 boards lots of shares which total 150% or more of the ADTV in
accordance with Exchange rules. The Company has retained Valeurs mobilières
Banque Laurentienne as broker to manage the program.
If the Company believes that the market price for its common shares does
not reflect the value of its enterprise, it will purchase a certain number of
its common shares. Consequently, The Company believes that its bid will
solidify the confidence of the shareholders and as such, the purchase of its
common shares represents an interesting investment for the Company and a
useful use of its available funds.
From May 22nd, 2007 to May 21st, 2008, the Company has completed a
purchase of its common shares in the normal course of business whereby it has
redeemed 203 690 common shares, at a weighted average price of $1,49 before
Amisco Industries Ltd. is a North American leader in the design and
manufacture of composite painted tubular and steel sheet residential
furniture. Founded in 1954, the Company manufactures beds, tables, chairs and
stools. Recognized for their quality, its products can be personalized -
finishes, colours, fabrics and dimensions - and shipped within less than
10 working days. The Company employs about 150 people, serves some
700 customers and records 60% of its business volume in the United States.
For further information:
For further information: Réjean Poitras, Chairman of the Board,
President and Chief Executive Officer, 1-800-361-6360; Source: Amisco
Industries LTD. (TSX: IAC)