Toronto Stock Exchange: VIC, VIC.DB
OAKVILLE, ON, Jan. 5, 2011 /CNW/ - Vicwest Inc. (the "Corporation")
announced today that it has filed a notice with the Toronto Stock
Exchange ("TSX") of its intention to make a normal course issuer bid.
The normal course issuer bid would be for a portion of the common
shares of the Corporation as appropriate opportunities arise from time
to time. The Corporation's normal course issuer bid ("NCIB") will be
made in accordance with the by-laws, rules and policies of the TSX.
Subject to TSX approval, the Corporation may begin to purchase its
common shares in early January 2011.
Pursuant to the notice, the Corporation intends to acquire up to 850,000
common shares for cancellation over the 12 months following
commencement of the bid, which represents approximately 4.9% of the
Corporation's outstanding common shares. Purchases will be made at
market prices through the facilities of the exchange. The Corporation
intends to fund the purchases out of its available cash and credit
facility. The Corporation believes that the purchase of common shares
represents an investment opportunity and a worthwhile use of its
About Vicwest Inc.
Vicwest Inc. is a leading manufacturer and distributor of building
construction products, and steel containment products for agricultural
grain, fertilizer and liquid storage. Through its Vicwest Building
Products division, the Corporation fabricates and markets metal
roofing, siding and other metal building products under the trade names
Vicwest, Mercury Metals, Valley Truss & Metal RCA Metal and
AWIP‐Vicwest USA. The Corporation's Westeel Storage Solutions division
manufactures storage solutions for agricultural grain and fertilizer,
as well as liquid storage tanks and accessories. These products are
manufactured and distributed under the trade names Westeel, Northern
Steel Industries and NSI. Through a global alliance, Westeel also
distributes Buhler Industries‐manufactured grain handling equipment in
Canada under the Westeel brand. With approximately 1,200 dedicated
employees and strategically located manufacturing facilities, the
Corporation delivers superior quality products and excellent service to
customers in chosen markets.
Certain statements in this news release may constitute "forward‐looking"
statements. When used in this news release, such statements use words,
including but not limited to, "may", "will", "expect", "believe",
"plan", "intend", "anticipate", "future" and other similar terminology.
These forward‐looking statements reflect the current expectations of
the Corporation's management regarding future events but involve known
and unknown risks, uncertainties and other factors which may cause
outcomes or the actual results, performance or achievements of the
Corporation to be materially different from any future results,
performance or achievements expressed or implied by such
forward‐looking statements. Actual events could differ materially from
those projected herein and depend on a number of factors. These factors
would include, but are not limited to, dependence on market and
economic conditions, sales and margin risk, competition, information
system risks, availability of supply of products, risks associated with
the introduction of new product lines, product design risk,
environmental risks, volatility of commodity prices, inventory risks,
customer and vendor risks, acquisition and integration risks,
availability of credit, credit risks, interest rate risks, regulatory
risks and employee retention risks. These forward‐looking statements
speak only as of the date of this news release. Except as required by
applicable securities laws, the Corporation does not undertake, and
specifically disclaims, any obligation to update or revise any forward
looking information, whether as a result of new information, future
developments or otherwise, except as required by applicable law.
SOURCE Vicwest Inc.
For further information:
|Colin Osborne |
President & Chief Executive Officer
Tel: (905) 469-5700
| || || || || || || || || || ||John Slattery|
Executive VP & Chief Financial Officer
Tel: (905) 469-5706