RICHMOND, BC, Jan. 25 /CNW/ - Great Canadian Gaming Corporation [TSX:GC]
(the "Company") announced today its intention to renew a normal course
issuer bid for up to 2,000,000 of its common shares, representing
approximately 2.4% of the Company's outstanding common shares.
Purchases will be made subject to opportunities within the market.
As at January 19, 2011, there were 82,872,319 common shares of the
Company outstanding. Purchases will be by way of open market purchases
through the facilities of the Toronto Stock Exchange ("TSX"), and other
Canadian market places, and payment for the shares will be in
accordance with the TSX's by-laws and rules. No purchases will be made
other than by means of open market transactions during the term of the
normal course issuer bid and conducted at the market price at the time
of acquisition. All shares purchased by the Company will be
"This share repurchase program is an important tool for taking advantage
of Great Canadian's secure and flexible financial position," stated Rod
Baker, Great Canadian's President. "The normal course issuer bid will
be employed opportunistically, alongside the Company's needs for
operational cash, in order to improve shareholder value."
The Company received approval from the TSX to commence this bid on
January 27, 2011. The bid will end on January 26, 2012, or earlier if
the number of shares sought in the issuer bid have been obtained. The
Company reserves the right to terminate the bid earlier if it feels it
is appropriate to do so. Pursuant to TSX policies, daily purchases made
by the Company will not exceed 33,609 common shares, or 25% of the
average daily trading volume of 134,427 common shares on the TSX,
subject to certain prescribed exceptions.
The Company's Directors and senior officers may during such period sell
common shares through the facilities of the TSX. All of these persons
have been advised that if they do sell common shares during the course
of this bid, they are to advise the Company. The Company will ensure
that it is not active in the market at the time such sales occur.
During the 12 months under the normal issuer bid that expired on
December 14, 2010, the Company did not purchase any common shares.
However, the Company believes that this normal course issuer bid will
assist in managing its balance of debt and equity for the purpose of
increasing long-term shareholder value.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless the securities are registered in the United States or an
exemption from such registration is available.
ABOUT GREAT CANADIAN
Great Canadian Gaming Corporation is a multi-jurisdictional gaming and
entertainment operator with operations in British Columbia, Ontario and
Nova Scotia, and Washington State. The Company operates ten casinos, a
thoroughbred racetrack that offers slot machines, three standardbred
racetracks (two offer slot machines and one offers both slot machines
and table games), two community gaming centres, a hotel and conference
centre, two show theatres and various associated food and beverage and
entertainment facilities. As of September 30, 2010, the Company had
approximately 3,900 employees in Canada and 600 in Washington State.
Further information is available on the Company's website, www.gcgaming.com.
ON BEHALF OF GREAT CANADIAN GAMING CORPORATION
"Original signed by Nathan Sellyn"
Director, Business Development and Investor Relations
This news release contains certain "forward-looking information" or
statements within the meaning of applicable securities legislation.
Forward-looking information is based on the Company's current
expectations, estimates, projections and assumptions that were made by
the Company in light of its historical trends and other factors. All
information or statements, other than statements of historical fact,
are forward-looking information including statements that address
expectations, estimates or projections about the future, the Company's
strategy for growth, expected future expenditures, costs, operating and
financial results and expected impact of future commitments. Such
forward-looking information is not a guarantee of future performance
and may involve a number of risks and uncertainties. Although
forward-looking information is based on information and assumptions
that the Company believes are current, reasonable and complete, they
are subject to a number of factors that could cause actual results to
vary materially from those expressed or implied by such forward-looking
information. Such factors may include, but are not limited to: terms of
operational service agreements with lottery corporations; changes to
gaming laws that may impact our operational service agreements;
pending, proposed or unanticipated regulatory or policy changes; impact
of global liquidity and credit availability; adverse tourism trends and
further decreases in levels of travel, leisure and consumer spending;
competition from established competitors and new entrants in the gaming
business; dependence on key personnel; the risk that systems,
procedures and controls may not be adequate to support current and
expanding operations; potential undisclosed liabilities and capital
expenditures associated with acquisitions; negative connotations linked
to the gaming industry; First Nations claims with respect to some Crown
land on which we conduct our operations; future or current legal
proceedings; construction disruptions; financial covenants associated
with credit facilities and long-term debt; credit, liquidity and market
risks associated with our financial instruments; interest and exchange
rate fluctuations; non-realization of cost reductions and synergies;
demand for new products and services; fluctuations in operating
results; and economic uncertainty and financial market volatility.
These factors and other risks and uncertainties are discussed in the
Company's continuous disclosure documents filed with the Canadian
securities regulatory authorities from time to time, including in the
"Risk Factors" section of the Company's Annual Information Form for
fiscal 2009, and as identified in the Company's disclosure record on
SEDAR at www.sedar.com. The forward-looking information in documents
incorporated by reference speak only as of the date of those documents.
Readers are cautioned not to place undue reliance on the
forward-looking information, as there can be no assurance that the
plans, intentions, or expectations upon which they are based will
occur. The Company undertakes no obligation to publicly revise
forward-looking information to reflect subsequent events or
circumstances except as required by law. The forward-looking
information contained herein is made as of the date hereof and is
expressly qualified in its entirety by cautionary statements in this
SOURCE Great Canadian Gaming Corporation
For further information:
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
Suite #350 - 13775 Commerce Parkway
Phone: (604) 303-1000
For investment inquiries:
Mr. Nathan Sellyn
Director, Business Development & Investor Relations
For media enquiries:
Mr. Howard Blank
Vice-President, Communications, Entertainment & Responsible Gaming (604) 512-6066