Industrialex Manufacturing Corp. Announces Issuer Bid; Receives Approval To Buy Back Up To 739,815 Common Shares
15:20 EST Friday, December 12, 2008
ARVADA, COLORADO--(Marketwire - Dec. 12, 2008) - Industrialex Manufacturing Corp. (TSX VENTURE:IXC.U) -
The Company wishes to announce that it has obtained the approval of the TSX Venture Exchange to undertake a normal course issuer bid to purchase up to 739,815 of its 18,497,592 issued and outstanding common shares representing approximately 4% of the Company's issued and outstanding common shares. Purchases will be made on the open market through the facilities of the Exchange. All purchases will be made, on behalf of the Company, by Canaccord Capital Corporation. The price paid will be the prevailing market price of such common shares at the time of purchase. Any shares purchased pursuant to the bid will be cancelled and returned to treasury.
The bid will commence on December 17, 2008 and will terminate on December 16, 2009 or at such earlier time as at which the bid is completed. The Company reserves the right to terminate the bid earlier if it feels that it is appropriate to do so.
The Company believes that the current market price of its securities does not give full effect to their underlying value and that, accordingly, the purchase price of securities will increase the proportionate interest of, and be advantageous to, all remaining security holders. The normal course purchases will also afford an increased degree of liquidity in the market.
Further announcements will be made as and when appropriate.
About Industrialex Manufacturing Corp.
Headquartered in Arvada, Colorado, Industrialex Manufacturing Corp. operates plants in Arvada and Colorado Springs, Colorado. The Company provides industrial coating services to a broad range of manufacturers. The Company's services include, chemical adhesions, conformal coating, shielding, powder coating, liquid coating and screen-printing.
The Company's shares are traded under the name of Industrialex Manufacturing Corp. on the TSX-Venture Exchange under the symbol IXC.U.
On behalf of the Board of Industrialex Manufacturing Corp.
Ahmad Akrami, President & CEO
The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from Industrialex's expectations and projections.
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