CALGARY, Dec. 20, 2011 /PRNewswire/ - CE Franklin Ltd.
(NASDAQ: CFK) (TSX: CFT) announced today that its Board of
Directors has authorized the renewal of the Company's Normal Course
Issuer Bid (NCIB). Under the renewed NCIB, CE Franklin may
purchase for cancellation up to 850,000 of its Common Shares
without par value ("Common Shares"), being approximately 5% of the
total number of Common Shares outstanding as of the date hereof,
from time to time in open market or privately negotiated
transactions. The share repurchase will be conducted solely
through the facilities of NASDAQ and is subject to prevailing
market conditions and other considerations.
CE Franklin has purchased 3,102 Common Shares
for cancellation under its existing NCIB which will expire on
December 31, 2011 and purchased
615,479 Common Shares under its previous NCIB programs.
Purchases under the renewed NCIB may commence on January 3, 2012 and be made until December 31, 2012.
For more than half a century, CE Franklin has
been a leading supplier of products and services to the energy
industry. CE Franklin distributes pipe, valves, flanges, fittings,
production equipment, tubular products and other general oilfield
supplies to oil and gas producers in Canada as well as to the oilsands, refining,
heavy oil, petrochemical, forestry and mining industries. These
products are distributed through its 39 branches, which are
situated in towns and cities serving particular oil and gas fields
of the western Canadian sedimentary basin.
Forward-looking Statements: The information in
this news release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and other
applicable securities legislation. All statements, other than
statements of historical facts, that address activities, events,
outcomes and other matters that CE Franklin plans, expects,
intends, assumes, believes, budgets, predicts, forecasts, projects,
estimates or anticipates (and other similar expressions) will,
should or may occur in the future are forward-looking statements.
These forward-looking statements are based on management's current
belief, based on currently available information, as to the outcome
and timing of future events. When considering forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements and refer to the Form 20-F or our annual
information form for further detail.
SOURCE CE Franklin Ltd.