LOS ANGELES, CALIFORNIA--(Marketwired - June 1, 2017) - Omni-Lite Industries Canada Inc. (TSX VENTURE:OML)(OTCQX:OLNCF) ("Omni-Lite" or the "Company") announces that it has submitted to the TSX Venture Exchange ("TSXV") its Notice of Intention to Make a Normal Course Issuer Bid ("Bid"). Pursuant to the Bid, the Company may purchase for cancellation up to 800,000 common shares of the Company which is equal to approximately 7.7 percent of the 10,369,120 issued and outstanding shares.
Echelon Wealth Partners will be conducting the NCIB on behalf of the Company in accordance with the rules of the TSXV. The consideration paid for any such Common Shares will be the open market price at the time of acquisition. The Company will make no purchases of Common Shares other than open market purchases or other such means approved by the TSXV. The actual number of Common Shares of the Company that are purchased for cancellation under the Bid, if any, and the timing of such purchases will be determined by management as approved by the Board of Directors of the Company.
To the knowledge of the Company, no director, senior officer or other insider of Omni-Lite currently intends to sell any Common Shares into this Bid. In the case a director, senior officer, or insider does sell any common shares into the Bid, the benefits to any such person would be the same as the benefits available to all other holders whose shares are purchased. The Company has repurchased and has canceled a total of 790,000 common shares pursuant to the previous normal course issuer bid which ended May 25, 2017. Purchases on the new NCIB may begin on June 1, 2017 and the Bid expires on May 31, 2018.
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the expected future performance of the Company. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.