CERRITOS, CA, May 19, 2016 /CNW/ - Omni-Lite Industries Canada
Inc. ("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 790,000 common shares
of the Company which is equal to approximately 7 percent of the
11,081,507 issued and outstanding shares.
The purchases will be made by the Company through Cormark
Securities Inc., 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.
To date, the Company has repurchased and intends to cancel a
total of 736,900 common shares pursuant to the previous normal
course issuer bid which ends May 25,
2016.
Purchases may begin on May 26,
2016 and the Bid expires on May 25,
2017.
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, and
Nike.
Except for historical information contained herein this
document contains forward-looking statements. These statements
contain known and unknown risks and uncertainties that may cause
the Company's actual results or outcomes to be materially different
from those anticipated and discussed herein.
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.
SOURCE Omni-Lite Industries Canada Inc.