TORONTO, Sept. 18 /CNW/ - On April 14, 2008 ENPAR Technologies Inc.
(TSX-V: ENP) ("ENPAR" or the "Company") announced that the TSX Venture
Exchange (the "Exchange") had accepted a notice filed by the Company of its
intention to make a Normal Course Issuer Bid (the "Bid").
The notice provides that ENPAR may, during the 12 month period commencing
April 16, 2008 and ending April 15, 2009, purchase for cancellation up to
2,883,412 of its common shares, representing approximately 5% of the issued
and outstanding common shares of the Company.
To date ENPAR has purchased a total of 907,000 common shares at a cost of
$209,403. The company will continue making purchases under the Bid from time
to time, based on market conditions. The price which ENPAR will pay for any
common shares under the Bid will be the market price at the time of purchase.
The purchases will be made through the facilities of the TSX Venture Exchange.
The brokerage firm conducting the Bid on behalf of ENPAR is Foster &
ENPAR is making the Bid as it is of the view that its common shares have
been trading in a range that does not adequately reflect their value in
relation to the Company's financial performance and growth prospects.
To the extent that the Company purchases for cancellation such common
shares in accordance with the Bid, 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.
About ENPAR Technologies Inc.
ENPAR is a "Technology Company" applying its patented and proprietary
"Electrochemical Technologies" to the treatment of waste 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 the TSX Venture Exchange under
the symbol "ENP".
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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.
For further information:
For further information: Gene Shelp, President and Chief Executive
Officer by telephone at (519) 836-6155 or by facsimile at (519) 836-5683