(TSX - ECH)
CALGARY, July 11 /CNW/ - Enerchem International Inc. ("Enerchem")
announces that it will commence a new normal course issuer bid to purchase up
to 760,805 common shares, which represents approximately 5% of the 15,216,107
common shares presently outstanding. Purchases under the normal course issuer
bid will be carried out through open market transactions through the
facilities of the TSX over a period of 12 months commencing on July 15, 2008
up until July 14, 2009. The daily limit on non-block purchases under the
issuer bid will be 1,636 shares, being 25% of the average daily trading volume
over the previous 6 months. Any shares purchased by the Corporation under the
issuer bid will be cancelled and returned to treasury. The Corporation
recently completed its previous normal course issuer bid, under which it
purchased a total of 113,200 common shares.
Given the current trading price of the Corporation's shares below their
book value, and the Corporation's available capital resources, the board of
directors believes it to be in the best interests of the Corporation and its
shareholders to repurchase some of the Corporation's outstanding shares.
Enerchem International Inc. is a manufacturer and distributor of
hydrocarbon drilling and fracturing fluids designed to provide cost effective
solutions to the upstream oil and gas industry and specialty solvents to help
resolve production and processing problems to the downstream producers. The
Company also provides energy marketing services and, through its wholly-owned
subsidiary company, Millard Trucking Ltd., provides fluid transportation and
other related oilfield services. The Company's common shares trade on the
Toronto Stock Exchange under the symbol "ECH".
THE TSX HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED
Enerchem International Inc.
Per: Ken Bagan
For further information:
For further information: Larry Phillips, Chairman, at (780) 980-1682