Omni-Lite Industries Announces Normal Course Issuer Bid
LOS ANGELES, CALIFORNIA--(Marketwired - June 1, 2017) - Omni-Lite Industries Canada Inc. (TSX VENTURE:OML)(OTCQX:OLNCF) ("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 800,000 common shares of the Company which is equal to approximately 7.7 percent of the 10,369,120 issued and outstanding shares.
Echelon Wealth Partners will be conducting the NCIB on behalf of the Company 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. The Company has repurchased and has canceled a total of 790,000 common shares pursuant to the previous normal course issuer bid which ended May 25, 2017. Purchases on the new NCIB may begin on June 1, 2017 and the Bid expires on May 31, 2018.
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, Nike, and adidas.