CALGARY, Dec. 21 /CNW/ - CE Franklin Ltd. (NASDAQ: - CFK, TSX: - CFT) announced today that its Board of Directors has authorized the renewal
of the Company's Normal Course Issuer Bid (NCIB). Under the renewed
NCIB, CE Franklin may purchase for cancellation up to 850,000 of its
Common Shares without par value ("Common Shares"), being approximately
5% of the total number of Common Shares outstanding as of the date
hereof, from time to time in open market or privately negotiated
transactions. The share repurchase will be conducted solely through
the facilities of NASDAQ and is subject to prevailing market conditions
and other considerations.
CE Franklin has purchased 61,769 Common Shares for cancellation under
its existing NCIB which will expire on December 31, 2010 and purchased
553,710 Common Shares under its NCIB that expired on December 31,
2009. Purchases under the renewed NCIB may commence on January 3, 2011
and be made until December 31, 2011.
For more than half a century, CE Franklin has been a leading supplier of
products and services to the energy industry. CE Franklin distributes
pipe, valves, flanges, fittings, production equipment, tubular products
and other general oilfield supplies to oil and gas producers in Canada
as well as to the oilsands, refining, heavy oil, petrochemical,
forestry and mining industries. These products are distributed through
its 46 branches, which are situated in towns and cities serving
particular oil and gas fields of the western Canadian sedimentary
Forward-looking Statements: The information in this news release may
contain "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and other applicable securities legislation. All
statements, other than statements of historical facts, that address
activities, events, outcomes and other matters that CE Franklin plans,
expects, intends, assumes, believes, budgets, predicts, forecasts,
projects, estimates or anticipates (and other similar expressions)
will, should or may occur in the future are forward-looking statements.
These forward-looking statements are based on management's current
belief, based on currently available information, as to the outcome and
timing of future events. When considering forward-looking statements,
you should keep in mind the risk factors and other cautionary
statements and refer to the Form 20-F or our annual information form
for further detail.
SOURCE CE Franklin Ltd.
For further information: For further information: