AirBoss announces renewal of normal course issuer bid

qiangzi

Thursday, May 10, 2012

Newmarket, Ontario, Canada - AirBoss of America announced that it has received approval from the Toronto Stock Exchange (TSX) of the notice of its intention to renew its normal course issuer bid to repurchase up to 1,699,794 of its common shares through the facilities of the TSX being approximately 10 percent of the public float of 16,997,935 on April 30, 2012. AirBoss has 23,028,953 common shares outstanding as of April 30, 2012. In the proceeding 12 month period, AirBoss purchased 690,923 common shares for cancellation at a weighted average purchase price of $5.01 per common share. Subject to the company’s ability to make block purchases through the facilities of the TSX, the maximum number of shares that the company may purchase on any trading day is up to 1,846 shares. The normal course issuer bid will be renewed on May 17, 2012, and will terminate on May 16, 2013. The price paid for any common shares acquired by AirBoss will be the market price of the shares at the time of acquisition. All shares acquired by AirBoss under the bid will be cancelled. Purchases pursuant to the bid will be conducted by a broker engaged by AirBoss to make purchases under the normal course issuer bid in accordance with the policies of the TSX. AirBoss has entered into an automatic share purchase plan to allow for the repurchase of shares at times when AirBoss ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The automatic share purchase plan complies with and has been adopted in accordance with the requirements of applicable Canadian securities laws. The company is renewing its normal course issuer bid because it believes that, from time to time, the market prices of its common shares may not fully reflect the underlying value of the company’s business and its future business prospects. As a result, depending upon future price movements and other factors, the company believes that its outstanding shares may represent an attractive investment for the company.