QUEBEC CITY, Nov. 7, 2012 /PRNewswire/ - Atrium Innovations Inc. (TSX: ATB) announced today that it has filed with the Toronto Stock
Exchange ("TSX"), and the TSX has accepted, a Notice of Intention to
make a Normal Course Issuer Bid. Under its normal course issuer bid,
Atrium intends to purchase up to 2,143,619 of its common shares,
representing 10% of its public float as of October 31, 2012, comprised
of 21,436,194 common shares. The average daily trading volume for the
6-month period preceding October 31, 2012 represents 20,969 common
shares. In accordance with the TSX requirements, a maximum daily
purchase of the greater of 25% of this average or 1,000 shares may be
made, which represents a total of 5,242 common shares.
Purchases will be made on the open market by Atrium through the
facilities of the TSX. The purchases may commence on November 15, 2012
and will terminate on November 14, 2013, or on such earlier date as
Atrium will have completed its purchases pursuant to the Notice of
Intention to make a Normal Course Issuer Bid filed with the TSX.
Atrium will cancel any common shares purchased pursuant to the normal
course issuer bid. Atrium will pay the market price of common shares on
the TSX at the time of purchase and no purchases of common shares will
be made other than open-market purchases.
Under its previous normal course issuer bid which was announced on
November 9, 2011 and revised on March 20, 2012, Atrium repurchased a
total of 1,175,008 common shares as at October 31, 2012 at the weighted
average price per share of $10.8818.
Atrium considers that repurchasing its common shares is a sound business
and financial decision as shares in circulation will be reduced and the
proportionate interest of all remaining shareholders in the share
capital of Atrium will be increased on a pro rata basis.
No appraisal or valuation regarding Atrium, its material assets or
securities was prepared within the two years preceding the date of the
Notice of Intention to make a Normal Course Issuer Bid.
About Atrium Innovations
Atrium Innovations Inc. is a globally-recognized leader in the development, manufacturing, and
commercialization of innovative, science-based dietary supplements
endorsed by health professionals. The Company distributes its extensive
portfolio of products mainly in the healthcare practitioner and health
food and specialized store channels, with a primary focus in North
America and Europe. Atrium is at the forefront of science, innovation
and education in the dietary supplement industry. The Company has over
1,100 employees and operates seven manufacturing facilities. Additional
information is available at www.atrium-innovations.com.
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with
respect to the Company. These forward-looking statements, by their
nature, require the Company to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied in
these forward-looking statements. Forward-looking statements are not
guarantees of performance. These forward-looking statements, including
financial outlooks, may involve, but are not limited to, comments with
respect to the Company's business or financial objectives, its
strategies or future actions, its targets, expectations for financial
condition or outlook for operations and future contingent payments.
Words such as "may", "will", "would", "could", "expect", "believe",
"plan", "anticipate", "intend", "estimate", "continue", or the negative
or comparable terminology, as well as terms usually used in the future
and the conditional, are intended to identify forward-looking
statements. Information contained in forward-looking statements is
based upon certain material assumptions that were applied in drawing a
conclusion or making a forecast or projection, including management's
perceptions of historical trends, current conditions and expected
future developments, as well as other considerations that are believed
to be appropriate in the circumstances. The Company considers these
assumptions to be reasonable based on information currently available
to it, but cautions the reader that these assumptions regarding future
events, many of which are beyond its control, may ultimately prove to
be incorrect since they are subject to risks and uncertainties that
affect the Company and its business.
For additional information with respect to these and other factors and
assumptions underlying the forward-looking statements made in this
press release, see the Company's quarterly and annual Management
Discussion and Analysis for the fiscal year ended December 31, 2010
filed with the Canadian securities commissions. The forward-looking
information set forth herein reflects the Company's expectations as at
the date of this press release and is subject to change after such
date. The Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, other than as required by
SOURCE ATRIUM INNOVATIONS INC.