Trading Symbol: PIH-T
NELSON, BC, June 2 /CNW/ - Pacific Insight Electronics Corp. (the
"Company") wishes to announce that it is proceeding with a Normal Course
Issuer Bid ("NCIB") to repurchase up to 400,000 previously issued common
shares, and has filed the applicable notice with the Toronto Stock Exchange
(the "Exchange") in accordance with Exchange policies. The Company's current
issued and outstanding share capital is 5,937,417 common shares and the
maximum amount which may be purchased under the NCIB represents approximately
6.9% of that number. The Company is permitted to repurchase through open
market purchases up to a maximum in a 12 month period of the greater of 5% of
its outstanding common shares, being 296,870 shares, and 10% of its public
float. The Company could have, if it elected to do so, based upon market and
investment considerations, acquired up to 411,166 common shares, representing
10% of the Company's current public float as at the date hereof, on the open
market through the facilities of the Exchange. Daily purchases by the Company
under the NCIB will not exceed 1,000 common shares, being the greater of 25%
of the average daily trading volume of the Company's listed shares on the
Exchange for the past six months, or 1,000 shares, subject to block purchase
exceptions. In accordance with Exchange policies, the duration of the NCIB
will be no more than one year, commencing June 4, 2009 and ending June 3,
2010. Purchases made pursuant to the NCIB will be made by Raymond James Ltd.
on behalf of the Company.
The Company is proposing to purchase its own Common shares for its own
corporate purposes and reasons, including the ability to acquire its Common
shares at prices that are favorable. The repurchase by the Company of any of
its Common shares should not be deemed or construed as a recommendation to
purchase any of its Common shares or an indication of the present or future
value of the Company's Common shares. Any shares purchased by the Company will
The Company purchased a total of 96,100 of its common shares under its
preceding NCIB which commenced on April 2, 2008 and expired on April 1, 2009,
at an average purchase price per share of $1.96.
A comprehensive overview of the Company and its products and services can
be viewed on the Company's website at www.pacificinsight.com.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT THE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
MANAGEMENT ACCEPTS FULL RESPONSIBILITY FOR THE INFORMATION CONTAINED
For further information:
For further information: please contact the Company at
firstname.lastname@example.org or 1-800-995-1155, or see our profile on SEDAR at