BURLINGTON, ON, Nov. 11, 2013 /CNW/ - EcoSynthetix Inc. (TSX:ECO) ("EcoSynthetix" or the "Company") announced today that it intends to make a normal course issuer bid
(the "Bid") to repurchase, through the facilities of the Toronto Stock Exchange
("TSX") certain of its outstanding common shares ("Shares").
The number of Shares to be purchased during the period of the Bid from
November 13, 2013 to November 12, 2014 will not exceed 2,478,823 Shares
being approximately 5% of the outstanding shares as of November 7,
2013. The actual number of Shares which may be purchased pursuant to
the Bid and the timing of any such purchases will be determined by the
management of EcoSynthetix. As at November 7, 2013 there were
49,576,468 Shares outstanding. Pursuant to the terms of the Bid,
EcoSynthetix will not acquire on any given trading day more than 25% of
the average daily trading volume of Shares for the most recently
completed six month period, being 6,192 Shares, other than block
purchase exceptions. All purchases made pursuant to the Bid will be made through the
facilities of the TSX or other Canadian market places and EcoSynthetix
will cancel any such Shares purchased pursuant to the Bid.
The Bid has been authorized by the board of directors of EcoSynthetix to
allow EcoSynthetix to purchase Shares if in the opinion of management
the purchases can be made on terms which will enhance the value of the
remaining outstanding Shares.
EcoSynthetix is undertaking the Bid because it believes that the market
may undervalue the common shares of EcoSynthetix from time to time and
that the common shares may trade in a price range which may not
adequately reflect the value of such shares in relation to the
business, assets and future prospects of EcoSynthetix from time to
Pursuant to the previous normal course issuer bid undertaken by the
Company, an aggregate of 145,800 Shares were purchased for the period
from August 20, 2012 to August 19, 2013 at an average weighted price of
$3.55 per Share.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix Inc. is a renewable chemicals company specializing in
bio-based products that can be used as inputs in industrial
manufacturing for a wide range of consumer products. The Company's
products offer a reduced carbon footprint and are marketed primarily on
the basis of lower cost, stable pricing and equal or superior
performance. EcoSynthetix's lead product, EcoSphere® biolatex® binders, is used commercially by a number of the global top 20
manufacturers in the coated paper and paperboard industry.
Forward Looking Statements
Certain statements in this Press Release constitute "forward looking"
statements that involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance,
objectives or achievements of the Company, or industry results, to be
materially different from any future results, performance, objectives
or achievements expressed or implied by such forward looking
statements. These statements reflect our current views regarding future
events and operating performance and are based on information currently
available to us, and speak only as of the date of this Press Release.
These forward looking statements involve a number of risks,
uncertainties and assumptions and should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether or not such performance or results will be
achieved. Those assumptions and risks include, but are not limited to,
the fact that our results of operations and business outlook are
subject to significant risk, volatility and uncertainty. Many factors
could cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by such forward looking
statements, including the factors identified in the "Risk Factors"
section of the Company's Annual Information Form dated March 28, 2013.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward looking statements prove
incorrect, actual results may vary materially from those described in
this Press Release as intended, planned, anticipated, believed,
estimated or expected. Unless required by applicable securities law, we
do not intend and do not assume any obligation to update these forward
SOURCE: EcoSynthetix Inc.
For further information:
Director, Marketing Communications
Phone: (289) 245-4017
Phone: (416) 815-0700 (Ext.238)