TORONTO, Sept. 29, 2011 /PRNewswire/ - Exco Technologies Limited (TSX: XTC) announces that it intends to undertake a normal course issuer bid to acquire up to 1,500,000 of its outstanding Common Shares, being approximately 3.7% of its outstanding shares. As at this time, Exco had 40,961,823 Common Shares issued and outstanding. All purchases will be made through the facilities of and in accordance with the rules of the Toronto Stock Exchange and all shares purchased will be cancelled. Except where reliance is had on the Exchange's block purchase exemption, the maximum number of Shares purchasable under the bid on any trading day will be limited to 6,436 Common Shares. The average daily trading volume for the six-month period ended August 31, 2011 was 25,745 Common Shares.
The normal course issuer bid will commence on October 5, 2011 and end no later than October 4, 2012. Management of Exco believes such purchases are an appropriate and desirable use of available funds.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 10 strategic locations, we employ 1,994 people and service a diverse and broad customer base.
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. We use words such as "anticipate", "plan", "may", "will", "should", "expect", "believe", "estimate" and similar expressions to identify forward-looking information and statements especially with respect to closing and completion dates, investment amounts and Exco Colombia sales levels for future years. Such forward-looking information and statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe to be relevant and appropriate in the circumstances. Readers are cautioned not to place undue reliance on forward-looking information and statements, as there can be no assurance that the assumptions, plans, intentions or expectations upon which such statements are based will occur. Forward-looking information and statements are subject to known and unknown risks, uncertainties, assumptions and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed, implied or anticipated by such information and statements. These risks, uncertainties and assumptions are described in the Company's Management's Discussion and Analysis included in our 2010 Annual Report, in our 2010 Annual Information Form and, from time to time, in other reports and filings made by the Company with securities regulatory authorities.
While the Company believes that the expectations expressed by such forward-looking information and statements are reasonable, there can be no assurance that such expectations and assumptions will prove to be correct. In evaluating forward-looking information and statements, readers should carefully consider the various factors which could cause actual results or events to differ materially from those indicated in the forward-looking information and statements. Readers are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the Company disclaims any obligations to update publicly or otherwise revise any such factors or any of the forward-looking information or statements contained herein to reflect subsequent information, events or developments, changes in risk factors or otherwise.
SOURCE Exco Technologies Limited