BOUCHERVILLE, QUEBEC--(Marketwire - Dec. 13, 2007) - Uni-Select Inc. (TSX:UNS) announces today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid (the "Notice") to repurchase some of its outstanding common shares through the facilities of the TSX for a period of twelve months ending December 17, 2008. As of December 11, 2007, 19,736,558 common shares were issued and outstanding and 14,312,512 common shares represented the "public float". Up to 1,431,251 common shares, representing approximately 10% of the "public float" on the date of acceptance of the notice of normal course issuer bid by the TSX, may be repurchased under the bid. Daily repurchases will be limited to 4,839 common shares, other than block purchase exemptions. The common shares will be repurchased by Uni-Select for cancellation.
The number of common shares that Uni-Select intends to repurchase and the time of such repurchases will be determined by Uni-Select, at its discretion. The repurchase period will begin December 18, 2007 and will end on the earlier of December 17, 2008 or the date on which Uni-Select will have either acquired the maximum number of common shares pursuant to the Notice or otherwise decided not to make any further repurchases. All the common shares acquired under the bid will be repurchased at their market price at the time of acquisition.
The Board of Directors of Uni-Select has concluded that the repurchase of up to 1,431,251 common shares is a desirable use of funds for Uni-Select and, therefore, would be in the best interests of Uni-Select and its shareholders. During the last twelve months, Uni-Select has not repurchased any common shares under a normal course issuer bid.
Uni-Select is Canada's second largest distributor of automotive replacement parts, equipment, tools and accessories and through Uni-Select USA, Inc.; the company also provides services to customers in the United States where it is the 8th largest distributor. Its subsidiary, Palmar Inc., sells replacement parts, tools and accessories for heavy-duty vehicles and wheels in Canada. The Uni-Select Network includes over 2,000 independent jobbers and services over 3,100 points of sale in Canada and the United States. Uni-Select is headquartered in Montreal. Uni-Select shares (UNS) are traded on the TSX.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Jacques Landreville
President and Chief Executive Officer
Mr. Denis Mathieu
Vice President and Chief Financial Officer