CERRITOS, California, May 13 /CNW/ - The Board of Directors of Omni-Lite Industries Canada Inc. ("Omni-Lite" or the "Company") announced today that it has authorized the purchase of up to 510,860 common shares of the Company which is equal to 5 percent of the 10,217,199 issued and outstanding shares by way of a normal course issuer bid ("NCIB") on the TSX Venture Exchange ("TSXV").
The normal course issuer bid is subject to approval by the TSXV. If approved by the TSXV, purchases pursuant to the NCIB will be made on the open market through the facilities of the TSXV. During February 2004 to December 2008, the Company has repurchased and canceled a total of 1,776,800 common shares pursuant to previous normal course issuer bids.
The NCIB is made to invest corporate funds to the best advantage. Purchases pursuant to the NCIB will be conducted by Cormark Securities Inc. Purchases may begin on May 19, 2010, subject to approval by regulatory authorities. The bid expires on May 18, 2011.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
Except for historical information contained herein, this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE INFORMATION CONTAINED HEREIN.
SOURCE Omni-Lite Industries Canada Inc.
For further information: For further information: Mr. Tim Wang, CFO, Tel. No. (562) 404-8510 or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: email@example.com, Website: www.omni-lite.com