IND DAIRYTECH LIMITED ANNOUNCES NORMAL COURSE ISSUER BID
14 Marzo 2011 - 5:14PM
PR Newswire (Canada)
VANCOUVER, March 14 /CNW/ -- VANCOUVER, March 14 /CNW/ - IND
DairyTech Limited ("IND" or "the Company") (TSXV:IND) announces
that it has received approval from the TSX Venture Exchange (the
"Exchange") in respect of the Company's intention to make a Normal
Course Issuer Bid (the "Bid") to purchase for cancellation, from
time to time, as it considers advisable, up to 5,726,466 common
shares (the "Common Shares") of the Company's capital, representing
5% of the issued and outstanding Common Shares as of March 14 2011.
The Bid will commence on or about March 16, 2011 and will terminate
on or about the earlier of March 16, 2012 and the date on which the
Company has acquired the number of Common Shares sought in the
Bid. The Company reserves the right to terminate the Bid
earlier as it deems advisable. All Common Shares acquired under the
Bid will be returned to treasury for cancellation. Common Shares
will be purchased on open market through the facilities of the
Exchange, on behalf of the Company by the its broker, BMO Nesbitt
Burns, at the prevailing market price of such Common Shares on the
Exchange at the time of such purchase and in accordance with the
Exchange requirements. The Board of Directors of the Company
believes that the Common Shares are undervalued at current market
prices and do not fully reflect their underlying value. The
Bid will have a concentrative effect on the remaining Common Shares
and afford an increased degree of liquidity to the Company's
shareholders. About IND DairyTech Limited IND, through its
operating subsidiaries, is an emerging raw milk and Holsteins
producer in China that is seeking to become a leading provider of
high quality raw milk and Holsteins to the Chinese dairy industry.
To meet China's increasing demand for dairy products, the Company
is using Canadian cattle genetics and North American farming
practices to establish and develop its dairy herd in China. The
Company plans to develop its herd in China through the use of
advanced breeding techniques employing Canadian Holstein embryos
that it intends to use to impregnate surrogate cows. These embryos
have been created through in vitro fertilization using sexed semen
to achieve an approximate 90% female birth rate. The use of these
advanced breeding techniques is expected to allow the Company to
rapidly expand its herd. The use of Canadian Holstein embryos also
provides a practical solution to China's ban on the import of live
Canadian cattle. The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this
release. FORWARD LOOKING INFORMATION Certain information set out in
this News Release constitutes forward-looking information, which
may include information relating to estimates of sales and revenue
of IND. Forward-looking statements (often, but not always,
identified by the use of words such as "expect", "may", "could",
"anticipate" or "will" and similar expressions) may describe
expectations, opinions or guidance that are not statements of fact
and which may be based upon information provided by third parties.
Forward-looking statements are based upon the opinions,
expectations and estimates of management of the Company as at the
date the statements are made and are subject to a variety of known
and unknown risks and uncertainties and other factors that could
cause actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. In light
of the risks and uncertainties associated with
forward-looking statements, readers are cautioned not to place
undue reliance upon forward-looking information. Although the
Company believes that the expectations reflected in the
forward-looking statements set out in this press release or
incorporated herein by reference are reasonable, it can give no
assurance that such expectations will prove to have been correct.
The forward-looking statements of the Company contained in this
press release, or incorporated herein by reference, are expressly
qualified, in their entirety, by this cautionary statement. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/14/c2828.html
p/p table valign="top" border="0"tr valign="top"td
align="left"Jesse Zhubr/ Chief Executive Officerbr/ IND DairyTech
Limitedbr/ 604-522-1619/td td align="left" /td td
align="left" /td td align="left" /td td
align="left" /td td align="left" /td td
align="left" /td td align="left" /td td
align="left" /td td align="left" /td td
align="left" /td td align="left"Selen Zhoubr/ Corporate
Secretarybr/ IND DairyTech Limitedbr/ 604-522-1619/td/tr/table
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