OAKVILLE, ON, Jan. 24, 2013 /CNW/ - Vicwest Inc. (the "Company") (TSX: VIC, VIC.DB) announced today that it has filed a notice with the Toronto Stock Exchange ("TSX") of its intention to make a normal course issuer bid. The normal course issuer bid ("NCIB") would be for a portion of the common shares of the Company as appropriate opportunities arise from time to time. The NCIB is substantially similar to the NCIB the Company commenced last year on January 27, 2012 which will expire on January 26, 2013. The Company's new NCIB will be made in accordance with the by-laws, rules and policies of the TSX. Subject to TSX approval, the Company may begin to purchase its common shares in late January 2013.
Pursuant to the notice, the Company intends to acquire up to 850,000 common shares for cancellation over the 12 months following commencement of the bid, which represents approximately 4.8% of the Company's outstanding common shares. Purchases will be made at market prices through the facilities of the exchange. The Company intends to fund the purchases out of its available cash and credit facility. The Company believes that the purchase of common shares represents an investment opportunity and a worthwhile use of its resources.
ABOUT VICWEST INC.
Vicwest Inc. is a leading manufacturer and distributor of building construction products, and steel containment products for agricultural grain, fertilizer and liquid storage. Through its Vicwest Building Products division, the Company fabricates and markets metal roofing, siding and other metal building products under the trade names Vicwest, Mercury Metals, Valley Truss & Metal, RCA Metal and AWIP-Vicwest USA. The Company's Westeel Storage Solutions division manufactures storage solutions for agricultural grain and fertilizer, as well as liquid storage tanks and accessories. These products are manufactured and distributed under the trade names Westeel, Northern Steel Industries and NSI. In 2011, Westeel established its first branch in Europe as part of the Company's strategy to serve growing international demand for agricultural grain storage and handling equipment. In Canada, Westeel also represents Skandia, Europe's most advanced elevator and conveyor grain handling systems. With approximately 1,200 dedicated employees and strategically located manufacturing facilities, the Company delivers superior quality products and excellent service to customers in chosen markets. Vicwest Inc. is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestinc.com.
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Readers are encouraged to review the most recently filed Management's Discussion and Analysis and other disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. Readers are cautioned not to place undue reliance on the Company's forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: Vicwest Inc.
For further information:
President & Chief Executive Officer
Tel: (905) 469-5700
Fax: (905) 825-1090
Chief Financial Officer
Tel: (905) 469-5706
Fax: (905) 825-1090