MONTREAL, Nov. 24 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX: RCH) ("Richelieu" or the "Company") announces that the Toronto Stock Exchange has accepted its notice of intention to make a "normal course issuer bid" to purchase up to 1,152,630 common shares, representing 5% of the 23,052,612 outstanding common shares as at November 16, 2006 through the facilities of such exchange. The number of shares that the Company intends to purchase and the time of such purchases will be determined by the Company, in its discretion. The purchase period will begin November 29, 2006, and end on the earlier of November 28, 2007, or the date on which the Company will have either acquired the above-stated maximum number of shares or otherwise decided not to make any further purchases. All the shares purchased will be cancelled by the Company. The Board of Directors of Richelieu has concluded that the purchase of a maximum of 1,152,630 common shares represents an appropriate use of the Company's corporate funds. During the period of November 29, 2005, to November 28, 2006, the Company purchased 137,700 common shares at an average price of $21.0013 per common share under the terms of its common share buy back program. To the best knowledge of the Company, after reasonable inquiry, no director, senior officer or any of their associates, no person acting jointly or in concert with the Company, and no person holding 10% or more of the common shares currently intends to sell common shares under this normal course issuer bid. Richelieu is Canada's leading distributor and importer of specialty hardware for an extensive customer base consisting of furniture, kitchen cabinet and window and door manufacturers plus the woodworking industry, and hardware retailers including hardware superstores. In addition, the Company specializes in the manufacture of a wide variety of veneer sheets and edgebanding products through its subsidiary Cedan Industries Inc., of components for the window and door industry and mouldings through Menuiserie des Pins Ltd. and of various types of panels, tackboards, chalkboards and whiteboards.