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Eurocontrol Announces TSX Venture Approval of Normal Course Issuer Bid
TORONTO, ONTARIO--(Marketwired - Feb. 19, 2016) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication, verification and certification technologies, announces that it has received approval from the TSX Venture Exchange for the Company's intention to make a normal course issuer bid (the "Issuer Bid").
Under the terms of the Issuer Bid, the Company may acquire or repurchase for cancellation up to 8,705,557 issued common shares of the Company representing approximately 10% of the Company's estimated Public Float.
Eurocontrol and its Board of Directors believe that the market price of the Company's shares may not fully reflect the value of its business and future prospects, and as such that purchasing its own shares for cancellation is an appropriate strategy for increasing long term shareholder value.
The purchase for cancellation of shares is authorized to commence on February 22, 2016 and end on February 21, 2017, or such earlier date as the Issuer Bid is completed or terminated by Eurocontrol. Purchases under the Issuer Bid will be made on behalf of the Company by Haywood Securities Inc. in open market transactions on the TSX Venture Exchange.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture listed company that specializes in the acquisition, development and commercialization of innovative authentication, verification and certification technologies. Eurocontrol has two wholly owned subsidiaries, Xenemetrix Ltd. and XwinSys Technology Development Ltd. ("XwinSys"). Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA/GFI to supply SICPA/GFI with Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys is in the final stage of developing a fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.