Savaria Corp. (TSX:SIS) filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on January 30, 2013. Under the bid, the company will repurchase up to 1,150,000 common shares, representing 4.97% of its issued and outstanding share capital.

The price, which Savaria will pay for any common shares, will be the market price at the time of acquisition plus brokerage fees. These purchases are to be made through the facilities of the TSX in accordance with its requirements on normal course issuer bids. The repurchased shares will be cancelled.

Savaria is entitled, on any trading day, to purchase up to 1,000 common shares. Once a week, in excess of the daily 1,000 repurchased limit, Savaria may also purchase a block of shares not owned by an insider (i) having a purchase price of CAD 0.2 million or more, (ii) of at least 5,000 shares having a purchase price of at least CAD 0.05 million, or (iii) of at least 20 board lots of shares which total 150% or more of the average daily trading volume. Savaria believes that the purchase of its shares may makes appropriate use of its available cash, and therefore, that the issuer bid is in the best interests of Savaria and its shareholders.

The normal course issuer bid will begin on February 1, 2013, and will run until January 31, 2014 at the latest. As of January 16, 2013, the company has 23,142,064 common shares issued and outstanding.