Thermal Energy International Announces Normal Course Issuer Bid
28 Octubre 2013 - 6:29AM
Access Wire
OTTAWA, ONTARIO - October 28, 2013
- Thermal Energy International Inc. ("Thermal
Energy" or the "Company") (TSXV: TMG), a global provider of energy
efficiency and emission reduction solutions, today announced its
intent to conduct a Normal Course Issuer Bid (the "Bid") pursuant
to the provisions of applicable securities laws and TSX Venture
Exchange Policy 5.6.
The Bid will consist of the purchase
on the TSX Venture Exchange, from time to time, if and to the
extent Thermal Energy considers it advisable, of up to 13,513,869
common shares, representing approximately 8.3% of the outstanding
common shares of Thermal Energy and approximately 10.0% of the
outstanding common shares excluding shares that are known to be
held by promoters, insiders and pro-group members and their
associates and affiliates. There are currently 163,336,616 common
shares of Thermal Energy issued and outstanding. The period during
which purchases may be made under the Bid will commence on approval
by the TSX Venture Exchange and will terminate one year later, or
earlier if the numbers of shares sought in the Bid have been
obtained. Thermal Energy reserves the right to terminate the Bid
earlier if it feels it is appropriate to do so. All shares acquired
under the Bid will be returned to treasury for cancellation.
Common shares acquired by Thermal
Energy under the Bid will be purchased at the market price at the
time of purchase and will be purchased on behalf of Thermal Energy
by Canaccord Genuity, Thermal Energy's broker in connection with
the Bid. All acquisitions will be made in accordance with the rules
and policies of the TSX Venture Exchange.
Thermal Energy is
initiating the Bid because it believes that the market price for
the common shares of Thermal Energy does not reflect the underlying
value of its business and its future prospects. The Board of
Directors and Senior Management of Thermal Energy International are
of the opinion that from time to time the purchase of its shares at
the prevailing market price is in the best interest of the Company
and its shareholders.
The Bid remains subject to the
approval of the TSX Venture Exchange.
About
Thermal Energy International Inc.
Thermal Energy
International Inc. is an innovative cleantech company providing a
variety of proprietary and proven energy efficiency, emission
reduction, water efficiency, and bioenergy products and solutions
to the industrial, commercial and institutional markets worldwide.
Thermal Energy is also a fully accredited professional engineering
firm, and can offer advanced process and applications engineering
services. By providing a unique mix of proprietary products
together with process, energy, environmental, and financial
expertise Thermal Energy is able to deliver significant financial
and environmental benefits to its customers.
Thermal
Energy's products include; GEM(R) - Steam traps and condensate return systems,
FLU-ACE(R) - Direct contact condensing heat recovery, and
Dry
RexTM
- Low temperature biomass drying systems.
These award winning products are effective in a wide variety of
industries and application and have an excellent track record of
longevity, proven reliability and performance providing significant
energy savings, reduced GHG emissions, improved water efficiency,
lower maintenance costs, improved product quality and increased
production efficiency. Thermal Energy International Inc. has
offices in Ottawa, Canada as well as Bristol, U.K., United States,
Italy and China.
For more
information, visit our website at www.thermalenergy.com.
William Crossland
President and CEO
Thermal Energy International Inc.
613-723-6776
bill.crossland@thermalenergy.com
Trevor Heisler
Investor Relations
Heisler
Communications
416-500-8061
trevor@heislercommunications.com
Follow Thermal Energy
International on Twitter at http://twitter.com/GoThermalEnergy.
# # #
This press release
contains forward-looking statements relating to, and amongst other
things, based on management's expectations, estimates and
projections. Statements relating to the expected receipt of TSX
Venture Exchange approval for the Bid, purchases to be made
pursuant to the Bid and the potential effects of the Bid are
forward looking statements. These statements are not guarantees of
future events and involve a number of risks, uncertainties and
assumptions. Many factors, some of which are outside of the
Company's control, could cause events and results to differ
materially from those stated. The TSX Venture Exchange may not
approve the Bid. Market conditions or Thermal Energy's financial
condition may not permit Thermal Energy to acquire the maximum
number or any shares under the Bid. Thermal Energy's buying
activities under the Bid may not have any effect on the market
price for the common shares or may have a negative effect on the
market price. Thermal Energy disclaims any obligation to publicly
update or revise any such statements except as required by law or
the policies and rules of the TSX Venture Exchange.
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.
Thermal Energy (TSXV:TMG)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Thermal Energy (TSXV:TMG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024