BURNABY, BC, May 10, 2013 /CNW/ - Photon Control Inc. (the "Company") (TSXV: PHO), a leading developer of optical measurement technologies, announces that the TSX Venture Exchange ("TSX-V") has accepted the Company's notice of intention dated May 1, 2013 to make a normal course issuer bid (the "NCIB") for its common shares through the facilities of the TSX-V. As of May 8, 2013, the Company may commence making purchases of up to a maximum of 5,000,000 common shares, which represents approximately 4.86% of the Company's 102,909,518 issued and outstanding common shares as at May 8, 2013. 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.
Canaccord Genuity Corp. will be conducting the NCIB on behalf of the Company. Any common shares acquired under the NCIB will be purchased at the market price. All shares acquired by the Company pursuant to the NCIB will be cancelled following purchase.
The Company is conducting the NCIB to give it the flexibility to purchase its common shares if it determines that, as a result of the difference in the fundamental value of the common shares and the market price, it is in the best interests of the Company to do so.
The normal course issuer bid will terminate on the earlier of the date determined by the Company and May 7, 2014.
About Photon Control Inc. www.photon-control.com
Photon Control Inc. designs and manufactures a wide range of optical sensors and instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, 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
Forward-Looking Statements: 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, as well as statements regarding the business and anticipated financial performance of the Company, 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 the 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.
For further information:
Helena Rebec, Chief Administrative Officer
604.422.8861 x 101