STE-MARIE DE BEAUCE, QC, July 8 /CNW Telbec/ - (Note: all amounts are in Canadian dollars) GBO INC. ("GBO" or the "Company"; TSX Venture Exchange: GBO) announced today that its offer to purchase for cancellation up to 15,000,000 of its issued and outstanding common shares at a price of $0.20 per share expired yesterday, July 5, 2010, at 5:00 p.m. (Montreal time). Based on the final report by the depository of the offer, 19,536,968 common shares of GBO were deposited as at the expiration of the offer. GBO shall take up and purchase for cancellation 15,000,000 common shares deposited under the offer.
Solidarity Fund QFL, which beneficially owned 19,338,497 common shares of GBO prior to the offer, representing 59.16% of the then-issued and outstanding common shares, has deposited 19,338,497 common shares of GBO under the offer. GBO intends to take up and purchase for cancellation approximately 14,847,215 of these common shares.
Payment for the common shares deposited and accepted for purchase will be made as promptly as practicable in accordance with the offer.
Based on the number of common shares of GBO currently issued and outstanding and after taking into account the repurchase, 17,691,569 common shares will remain issued and outstanding.
Founded in 1946, GBO Inc. is an important Canadian window and door manufacturer. The Company designs, develops, manufactures, markets and distributes a selection of high-end, energy-efficient wood window arrangements, doors and accessories sold primarily under the "Bonneville" and "Polar" brands. Recently, GBO launched a line of innovative fenestration products resistant to hurricanes and other impacts. The Company sells its windows and doors to the home improvement and construction markets in Quebec, Ontario, the Maritimes and the Eastern United States. GBO mainly serves independent building material distributors, distributors specializing in windows, doors and millwork, certain retailers, as well as construction and renovation contractors.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GBO INC.
For further information: For further information: Christopher Wood, Chairman of the Board of Directors and Chief Executive Officer, (418) 387-7723; Source: GBO Inc.