OAKVILLE, ON, Jan. 24, 2012 /CNW/ - Vicwest Inc. (the "Company") (TSX:
VIC, VIC.DB) 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 ("NCIB") would be for a
portion of the common shares of the Company as appropriate
opportunities arise from time to time. The NCIB is substantially
similar to the NCIB the Company commenced last year on January 25, 2011
which will expire on January 24, 2012. The Company's new NCIB will be
made in accordance with the by-laws, rules and policies of the TSX.
Subject to TSX approval, the Company may begin to purchase its common
shares in late January 2012.
Pursuant to the notice, the Company 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
Company's outstanding common shares. Purchases will be made at market
prices through the facilities of the exchange. The Company intends to
fund the purchases out of its available cash and credit facility. The
Company believes that the purchase of common shares represents an
investment opportunity and a worthwhile use of its resources.
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 Company 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 Company'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 distributes Buhler
Industries-manufactured grain handling equipment in Canada under the
Westeel brand while Buhler Industries markets and sells
Westeel-manufactured products through its US distribution network. In
Canada, Westeel also represents Skandia, Europe's most advanced
elevator and conveyor grain handling systems. With approximately 1,100
dedicated employees and strategically located manufacturing facilities,
the Company delivers superior quality products and excellent service to
customers in chosen markets. Vicwest Inc. is a member of the S&P/TSX
SmallCap Index. For more information, visit www.vicwestinc.com.
Certain statements in this press release constitute forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements include, but are not limited to,
management's beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts. Forward-looking statements generally can be identified by the
use of forward-looking terminology such as "outlook", "objective",
"may", "will", "expect", "intend", "estimate", "anticipate", "believe",
"should", "plans" or "continue", or similar expressions suggesting
future outcomes or events. Such forward-looking statements reflect
management's current beliefs and are based on information currently
available to management. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those contemplated by such statements. Readers are encouraged to
review the most recently filed Management's Discussion and Analysis and
other disclosure documents filed by the Company with Canadian
securities regulatory agencies and commissions. Readers are cautioned
not to place undue reliance on the Company's forward-looking
statements. The forward-looking statements contained herein are made
as of the date of this press release and except as required by
applicable law, the Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Vicwest Inc.
For further information:
| || |
| Colin Osborne || Kent Harris |
| President & Chief Executive Officer || Chief Financial Officer |
| Vicwest Inc. || Vicwest Inc. |
| Tel: (905) 469-5700 || Tel: (905) 469-5706 |
| Fax: (905) 825-1090 || Fax: (905) 825-1090 |
| firstname.lastname@example.org || email@example.com |