NANAIMO,
BC, Nov. 19, 2024 /CNW/ - Atlas
Engineered Products ("Alas", "AEP" or the "Company") (TSXV: AEP)
(OTC Markets: APEUF) announced today that it intends to conduct a
normal course issuer bid (the "NCIB") to purchase up to 5,943,813
common shares (the "Common Shares"), being approximately 10% of
AEP's Public Float (as that term is defined under the policies of
the TSXV). Implementation of the NCIB is subject to the acceptance
of the TSXV.
Subject to the acceptance by the TSXV, it is expected that the
NCIB will commence on November 27,
2024 and will remain in effect until the earlier of (i) 12
months following the commencement of the NCIB, (ii) the date on
which AEP acquires the maximum number of Common Shares permitted
under the NCIB or (iii) such earlier times as AEP deems is
appropriate.
AEP has engaged Beacon Securities Limited ("Beacon") as
facilitating dealer to effect purchases under the NCIB on AEP's
behalf. Common Shares will be purchased at prevailing market prices
at the time of acquisition. The actual number of Common Shares
purchased under the NCIB, and the timing of such purchases will be
determined by management of AEP. AEP may enter into a pre-defined
automatic securities purchase plan with Beacon to allow for the
repurchase of Common Shares at a time when the Company would
ordinarily not be active in the market due to its own internal
trading blackouts, insider trading rules or otherwise. Any such
plans will be adopted in accordance with applicable Canadian
securities laws. All purchases of Common Shares will be made on the
open market through the facilities of the TSXV and will be
surrendered for cancellation and returned to treasury.
AEP's board of directors believes that the current market price
for the Company's Common Shares do not currently reflect the
underlying value of the Company. As a result, depending on future
price movements and other factors, AEP's board of directors
believes that the purchase of the Common Shares is an appropriate
use of AEP's funds and in the best interests of AEP's
shareholders.
AEP previously conducted an NCIB from November 3, 2021 to November 1, 2022 and again from December 1, 2022 to November 30, 2023, though which AEP collectively
purchased and cancelled an aggregate of 3,644,286 Common
Shares.
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating
profitable, well-established operations in Canada's truss and engineered products
industry. We have a well-defined and disciplined acquisition and
operating growth strategy enabling us to scale aggressively and
apply new technologies, giving us a unique opportunity to
consolidate a fragmented industry of independent operators.
www.atlasengineeredproducts.com
FORWARD LOOKING INFORMATION
Information set
forth in this news release contains forward-looking statements.
These statements reflect management's current estimates, beliefs,
intentions and expectations; they are not guarantees of future
performance. Although AEP believes that the expectations reflected
in the forward looking statements are reasonable, there is no
assurance that such expectations will prove to be correct, or that
such future events will occur in the disclosed time frames or at
all. AEP cautions that all forward looking statements are
inherently uncertain and that actual performance may be affected by
a number of material factors, many of which are beyond AEP's
control. Such factors include, among other things: risks and
uncertainties related to the housing market, changes in interest
rates and other risks and uncertainties relating to AEP, including
those described in the Management's Discussion and Analysis
("MD&A") for AEP's three and six months ended June 30, 2024. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, AEP undertakes no
obligation to publicly update or revise forward-looking
information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.