MONTREAL, Nov. 11, 2013 /CNW Telbec/ - Atrium Innovations Inc. (TSX: ATB) ("Atrium" or the "Company"), a globally recognized leader in
the development, manufacturing, and commercialization of innovative,
science-based natural health products, announced today that it has
filed with the Toronto Stock Exchange ("TSX"), and the TSX has
accepted, a Notice of Intention to make a Normal Course Issuer Bid.
Under its normal course issuer bid, Atrium intends to purchase up to
1,095,474 of its common shares, representing approximately 3.5% of the
31,299,261 common shares issued and outstanding as of October 31, 2013.
The average daily trading volume for the 6-month period preceding
October 31, 2013 represents 36,203 common shares. In accordance with
the TSX requirements, a maximum daily purchase of the greater of 25% of
this average or 1,000 shares may be made, which represents a total of
9,050 common shares.
Purchases will be made on the open market by Atrium through the
facilities of the TSX. The purchases may commence on November 15, 2013
and will terminate on November 14, 2014, or on such earlier date as
Atrium will have completed its purchases pursuant to the Notice of
Intention to make a Normal Course Issuer Bid filed with the TSX.
Atrium will cancel any common shares purchased pursuant to the normal
course issuer bid. Atrium will pay the market price of common shares on
the TSX at the time of purchase and no purchases of common shares will
be made other than open-market purchases.
Under its previous normal course issuer bid which was announced on
November 7, 2012, Atrium repurchased a total of 152,426 common shares
as at October 31, 2013 at the weighted average price per share of
Atrium considers that repurchasing its common shares is a sound business
and financial decision as shares in circulation will be reduced and the
proportionate interest of all remaining shareholders in the share
capital of Atrium will be increased on a pro rata basis.
No appraisal or valuation regarding Atrium, its material assets or
securities was prepared within the two years preceding the date of the
Notice of Intention to make a Normal Course Issuer Bid.
About Atrium Innovations
Atrium Innovations Inc. is a globally-recognized leader in the
development, manufacturing, and commercialization of innovative,
science-based natural health products which are distributed in more
than 35 countries. The Company owns healthcare practitioner and
specialized retail product brands that are at the forefront of science,
innovation and education. Atrium has over 1,300 employees and operates
seven manufacturing facilities with current Good Manufacturing
Practices. Additional information is available at www.atrium-innovations.com.
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with
respect to the Company. These forward-looking statements, by their
nature, require the Company to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied in
these forward-looking statements. Forward-looking statements are not
guarantees of performance. These forward-looking statements, including
financial outlooks, may involve, but are not limited to, comments with
respect to the Company's business or financial objectives, its
strategies or future actions, its targets, expectations for financial
condition or outlook for operations and future contingent payments.
Words such as "may", "will", "would", "could", "expect", "believe",
"plan", "anticipate", "intend", "estimate", "continue", or the negative
or comparable terminology, as well as terms usually used in the future
and the conditional, are intended to identify forward-looking
statements. Information contained in forward-looking statements is
based upon certain material assumptions that were applied in drawing a
conclusion or making a forecast or projection, including management's
perceptions of historical trends, current conditions and expected
future developments, as well as other considerations that are believed
to be appropriate in the circumstances. The Company considers these
assumptions to be reasonable based on information currently available
to it, but cautions the reader that these assumptions regarding future
events, many of which are beyond its control, may ultimately prove to
be incorrect since they are subject to risks and uncertainties that
affect the Company and its business.
For additional information with respect to these and other factors and
assumptions underlying the forward-looking statements made in this
press release, see the Company's quarterly and annual Management
Discussion and Analysis for the fiscal year ended December 31, 2010
filed with the Canadian securities commissions. The forward-looking
information set forth herein reflects the Company's expectations as at
the date of this press release and is subject to change after such
date. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, other than as required by law.
SOURCE: Atrium Innovations Inc.
For further information:
Vice President and Chief Financial Officer
Tel.: 418 652-1116
Tel.: 514 731-0000, ext. 237
Director of Communications
Tel.: 418 652-1116