(TSX - ECH)
CALGARY, June 27 /CNW/ - Enerchem International Inc. ("Enerchem" or
"Corporation") announces that it will carry out a normal course issuer bid to
purchase up to 766,465 of its common shares, which represents approximately 5%
of the Corporation's 15,329,307 common shares presently outstanding. Purchases
under the normal course issuer bid will be carried out through open market
transactions through the facilities of the TSX over a period of 12 months
commencing on July 3, 2007 up until July 2, 2008. Any shares purchased by the
Corporation under the issuer bid will be cancelled and returned to treasury.
Given the current trading price of the Corporation's shares below their
book value, and the Corporation's available capital resources, the Board of
Directors believes it to be in the best interests of the Corporation and its
shareholders to repurchase some of the Corporation's outstanding shares.
Enerchem International Inc. is a manufacturer and distributor of
hydrocarbon drilling and fracturing fluids designed to provide cost effective
solutions to the upstream oil and gas industry and specialty solvents to help
resolve production and processing problems to the downstream producers. The
Company also provides energy marketing services and, through its wholly-owned
subsidiary company, Millard Trucking Ltd., provides fluid transportation and
other related oilfield services. The Company's common shares trade on the
Toronto Stock Exchange under the symbol "ECH".
THE TSX HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED
Enerchem International Inc.
Larry B. Phillips
Chairman of the Board
For further information:
For further information: Mr. Larry B. Phillips, Chairman of the Board,
at (780) 980-1682, or by e-mail to email@example.com