CALGARY, Feb. 20 /CNW/ - DIRTT Environmental Solutions Ltd. ("DIRTT" or
the "Company") announced today the results of its issuer bid (the "Offer") to
purchase up to $3,500,000 aggregate principal amount of the issued and
outstanding 8.0% unsecured subordinated convertible debentures ("Debentures")
of the Company issued pursuant to a debenture indenture dated May 31, 2006
between DIRTT and Valiant Trust Company at the purchase price of $840 per
$1,000 principal amount of Debenture.
A total of $1,853,459 principal amount of Debentures were validly
deposited under the Offer prior to the expiry time, being 5:00 p.m. (Calgary
time) on February 18, 2009. DIRTT has given instructions to the depositary to
take up all of the Debentures deposited to the Offer and will pay for such
debentures in accordance with applicable securities laws.
Full details of the Offer are contained in the offer to purchase, issuer
bid circular, letter of transmittal and notice of guaranteed delivery, which
were mailed to the holders of Debentures on January 14, 2009.
Founded by Mogens Smed and headquartered in Calgary, Canada, DIRTT
Environmental Solutions started manufacturing Agile Architectural Solutions in
May 2005. It has since gone on to become the biggest month-to-month movable
wall manufacturer in North America. DIRTT is the first company to use
interactive video gaming software to envision, price, manufacture, deliver and
install its products.
For further information:
For further information: Investor & Media Contacts: Scott Jenkins, Chief
Financial Officer, Head Office: DIRTT Environmental Solutions Ltd., 7303, 30th
Street S.E., Calgary, Alberta, T2C 1N6., Phone: (403) 723-5000, Fax: (403)