CERRITOS, CA, May 19, 2016 /CNW/ - Omni-Lite Industries Canada Inc. ("Omni-Lite" or the "Company") announces that it has submitted to the TSX Venture Exchange ("TSXV) its Notice of Intention to Make a Normal Course Issuer Bid ("Bid"). Pursuant to the Bid, the Company may purchase for cancellation up to 790,000 common shares of the Company which is equal to approximately 7 percent of the 11,081,507 issued and outstanding shares.
The purchases will be made by the Company through Cormark Securities Inc., in accordance with the rules of the TSXV. The consideration paid for any such Common Shares will be the open market price at the time of acquisition. The Company will make no purchases of Common Shares other than open market purchases or other such means approved by the TSXV.
The actual number of Common Shares of the Company that are purchased for cancellation under the Bid, if any, and the timing of such purchases will be determined by management as approved by the Board of Directors of the Company.
To the knowledge of the Company, no director, senior officer or other insider of Omni-Lite currently intends to sell any Common Shares into this Bid. In the case a director, senior officer, or insider does sell any common shares into the Bid, the benefits to any such person would be the same as the benefits available to all other holders whose shares are purchased.
To date, the Company has repurchased and intends to cancel a total of 736,900 common shares pursuant to the previous normal course issuer bid which ends May 25, 2016.
Purchases may begin on May 26, 2016 and the Bid expires on May 25, 2017.
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, and Nike.
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Omni-Lite Industries Canada Inc.
For further information: please contact: Mr. David F. Grant, CEO and Chairman of the Board, Tel. No. (714) 757-8863, email: [email protected], Website: www.omni-lite.com