BURNABY, BC, Oct. 1 /CNW/ - Canlan Ice Sports Corp., providers of the on-ice experience to youth and adults across North America, today announced that it has redeemed for cash 1.4 million preference shares at a price of $1.00 per share. The preference shares were issued in connection with financing that Canlan secured to complete its acquisition of Ice Sports York in August 2006.
"The acquisition of Ice Sports York was one of our key accomplishments over the past five years," said Joey St-Aubin, President and CEO of Canlan Ice Sports. "The acquisition enabled us to accelerate our business growth and maintain our leadership position as Canada's largest private operator of recreational ice facilities."
Michael Gellard, Chief Financial Officer for Canlan Ice Sports, added, "Redeeming $1.4 million worth of preference shares in advance of their maturity date illustrates the effectiveness of our business model and strategy. Since acquiring Ice Sports York, we have consistently strengthened our balance sheet through improved financial and operational performance."
As of September 30 2009, Canlan has no outstanding preference shares.
Canlan Ice Sports Corp. is the largest private sector operator of recreational ice facilities in North America with 62 playing surfaces at 21 facilities in Canada and the United States. Through the Adult Safe Hockey League (the ASHL), Canlan operates the largest adult recreational hockey league in North America with more than 63,000 registered players in the winter and summer seasons, and offers a variety of other programs including youth leagues, hockey and figure skating schools and tournaments.
Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol "ICE".
Caution concerning forward-looking statements
This document contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. The Company's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time.
SOURCE Canlan Ice Sports Corp.
For further information: For further information: Canlan Ice Sports Corp., Michael F. Gellard, Senior Vice President & CFO, (604) 736-9152 ext. 108; The Equicom Group, Joe Racanelli, (416) 815-0700 ext. 243, firstname.lastname@example.org