STE-MARIE DE BEAUCE, QC, April 30 /CNW Telbec/ - (Note: all amounts are in Canadian dollars) GBO INC. ("GBO" or the "Company"; TSX Venture Exchange: GBO) announced today the launch of its previously announced substantial issuer bid to purchase for cancellation up to 15,000,000 of its issued and outstanding common shares at a price of $0.20 per share for an aggregate purchase price of up to $3 million (the "Offer"). The funds required to pay for common shares purchased pursuant to the Offer, and the payment of the fees and expenses of the Offer, will be funded by the Company out of cash on hand.
Details of the Offer
The Offer is not conditional upon any minimum number of common shares being deposited. However, the Offer is subject to certain other conditions customary for transactions of this nature. Full particulars of the terms and conditions of the Offer are contained in the issuer bid circular and related documents which have been filed with applicable securities regulatory authorities in Canada and will be mailed to holders of common shares and be available on SEDAR at www.sedar.com on or about May 3, 2010. The Offer will remain open for acceptance until 5:00 p.m. (Montreal time) on June 21, 2010, unless withdrawn, varied or extended by GBO.
If shareholders deposit more than 15,000,000 common shares in response to the Offer, deposited shares will be taken up on a pro rata basis, disregarding fractions, according to the number of common shares deposited by each depositing shareholder.
Neither the Company nor any of its directors or officers makes any recommendation to any shareholder as to whether to deposit or refrain from depositing their common shares pursuant to the Offer. Each shareholder must make his, her or its own decision whether to deposit common shares and, if so, what number of common shares to deposit. Shareholders are urged to consult their own investment, tax and legal advisors prior to making any decision in respect of the Offer.
This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell common shares. The solicitation and the offer to purchase common shares will be made only pursuant to the Offer Documents.
Founded in 1946, GBO Inc. is an important Canadian window and door manufacturer. The Company designs, develops, manufactures, markets and distributes a selection of high-end, energy-efficient wood window arrangements, doors and accessories sold primarily under the "Bonneville" and "Polar" brands. Recently, GBO launched a line of innovative fenestration products resistant to hurricanes and other impacts. The Company sells its windows and doors to the home improvement and construction markets in Quebec, Ontario, the Maritimes and the Eastern United States. GBO mainly serves independent building material distributors, distributors specializing in windows, doors and millwork, certain retailers, as well as construction and renovation contractors.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GBO INC.
For further information: For further information: Christopher Wood, Chairman of the Board of Directors and Chief Executive Officer, (418) 387-7723; Source: GBO Inc.