RICHMOND, BC, Jan. 2, 2018 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer and supplier of optical measurement technologies to the global semiconductor industry, is pleased to announce that the TSX Venture Exchange ("TSX-V") has accepted the Company's notice of intention to make a normal course issuer bid (the "NCIB") for its common shares through the facilities of the TSX-V. On January 4, 2018, the Company may commence making purchases of up to a maximum of 5,500,000 common shares, which represents approximately 5% of the Company's 110,853,718 issued and outstanding common shares as at the close of trading on December 29, 2017. A purchase of common shares under the NCIB also may not, when aggregated with the total of any other purchases in the 30 days preceding the purchase, whether through the facilities of the TSX-V or otherwise, exceed 2% of the total issued and outstanding common shares of the Company at the time the purchase is made.
There can be no assurance as to the number of shares, if any, that may be repurchased under the plan or the aggregate dollar amount expended. The Company may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.
Said Scott Edmonds, President and CEO, "The Company's priorities for capital deployment are first funding product development for growth, followed by M&A activity, and thirdly ongoing share repurchases. The Company has renewed its NCIB to ensure the ability to pursue such opportunities as authorized by its Board of Directors. The normal course issuer bid will terminate on the earlier of the date determined by the Company and January 3, 2019."
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors and instruments to measure temperature, position, and flow. These products are used by global Original Equipment Manufacturers (OEM) and end users in the semiconductor and other industries. Photon Control Inc.'s high quality products provide industry leading accuracy and reliability in extreme conditions and are backed by a team of experts providing a variety of on-site and remote services including custom design, installation, training and support. Headquartered in an ISO 9001:2008 manufacturing facility in Richmond, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO." Additional information about the company can be found at www.photon-control.com/investors.html
This news release contains forward looking statements, including statements relating to the Company's intentions to purchase common shares under the normal course issuer bid, which involve risks and uncertainties. Although the Company believes that the proposed purchase of common shares under the normal course issuer bid is based upon reasonable assumptions and expectations, these risks and uncertainties may cause the Company's actual results to differ materially from those contemplated or implied by the forward-looking statements. Factors that might cause or contribute to such differences include, among others, general economic conditions, the performance of the common shares of the Company or stock markets generally, competitive pressures, competing technologies and the market acceptance of the Company's photonic-based products as a replacement to existing technologies and products. Readers are encouraged to consider the other risks and uncertainties discussed in and additional information contained in the Company's financial statements and filings filed on SEDAR at www.sedar.com.
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 Photon Control Inc.
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