IWG Announces Normal Course Issuer Bid
BURNABY, BC, Sept. 27 /CNW/ - International Water-Guard Industries Inc. ("IWG") announced today the acceptance by the TSX Venture Exchange (the "Exchange") of the Company's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") of the Company's shares. Pursuant to the Bid, the Company may purchase through the facilities of the Exchange, from time to time, as it considers advisable, up to 2,000,000 of its issued and outstanding Common Shares (being approximately 5% of the 39,340,694 Common Shares outstanding at September 15, 2010).
Purchases under the Bid may commence on September 28, 2010 and will conclude on the earlier of the date on which the maximum purchases under the Bid have been completed or September 27, 2011. No previous purchases were made by the Company pursuant to the Bid. The price which IWG will pay for any shares purchased through the Bid will be the prevailing market price of such shares on the Exchange at the time of purchase. Purchases will be carried out on behalf of the Company by Haywood Securities Inc., Vancouver B.C
The Company wishes to take advantage of the market prices of its common shares from time to time. It is the opinion of management that the market price of its common shares may not adequately reflect the value of the underlying assets of the Company. As such, the Board of Directors of the Company believes that the proposed purchases are in the best interests of the Company and are a desirable use of corporate funds. Any shares acquired by IWG pursuant to the Bid will be cancelled.
"It should be noted that IWG is in a strong financial situation, with $1 million cash and no debt, and we continue to examine corporate development options for the company," stated David C. Fox, IWG's president & CEO. "Going forward, prospects for the business are good. For example, our newest product is standard on the Gulfstream G650 which has a very bright future. This year, however, business has been flat, reflecting the status of the industry as a whole."
International Water-Guard is a Canadian aerospace company focusing on aircraft potable water treatment and full water system solutions. IWG has expertise in all aspects of water treatment, and has the products and know-how to provide high quality water for passengers and crew, and light weight, space saving solutions for the aircraft operator.
On behalf of the Board of Directors International Water-Guard Industries Inc. "David C. Fox" President and CEO
This news release contains certain forward looking statements that reflect the current views and/or expectations of IWG with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied. IWG assumes no future obligation to update these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
TSX VENTURE: IWG
%SEDAR: 00005205E
For further information: International Water-Guard Industries Inc., Unit One - 3771 North Fraser Way, Burnaby, BC, V5J 5G5, Canada, Tel: (604) 255-5555, 1-800-667-0331, Fax: (604) 255-5685, www.water.aero; Investor Relations: The Howard Group Inc., Bob Beaty, Grant Howard, Toll Free: 1-888-221-0915, [email protected] www.howardgroupinc.com
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