Vicwest Inc. - Vicwest Inc. Announces Intention to Make a Normal Course Issuer Bid
OAKVILLE, ONTARIO, January 24, 2012 - 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 25, 2011 which will expire on January 24, 2012. 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 2012.
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 4.9% 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. Through a global
alliance, Westeel distributes Buhler
Industries-manufactured grain handling equipment in Canada
under the Westeel brand while Buhler Industries markets and
sells Westeel-manufactured products through its US
distribution network. In Canada, Westeel also represents
Skandia, Europe's most advanced elevator and conveyor
grain handling systems. With approximately 1,100 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 .
FORWARD-LOOKING STATEMENTS
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.
For more information, please contact:
Colin Osborne
President & Chief Executive Officer
Vicwest Inc.
Tel: (905) 469-5700
Fax: (905) 825-1090
ir@vicwestinc.com
Kent Harris
Chief Financial Officer
Vicwest Inc.
Tel: (905) 469-5706
Fax: (905) 825-1090
ir@vicwestinc.com
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