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MAGNIFOAM RECEIVES APPROVAL FOR NORMAL COURSE ISSUER BID
Mississauga, Ontario (November 10, 1999) - Magnifoam Technology International Inc. (MTII) today announced that The Toronto Stock Exchange (TSE) has approved its notice of intention to make a normal course issuer bid for a portion of its common shares.
MTII intends to acquire up to 900,000, or approximately 5% percent, of its common shares outstanding but will not exceed 2% of the common shares in any 30 day period. Purchases will be made through the facilities of the TSE in accordance with the rules of the TSE and at the prevailing market price at the time of purchase. The issuer bid will commence on November 12, 1999 and will expire no later than November 11, 2000. Any shares purchased by MTII will be cancelled. As of the close of business on November 9, 1999, MTII had 18,388,044 common shares outstanding, a public float of approximately 9.5 million common shares and 725,000 warrants outstanding at $3.00.
The Board of Directors believes that the shares are currently significantly undervalued trading at a discount to book value and that the purchase of company shares is a worthwhile investment and in the best interest of the shareholders and the company. MTII is currently in a strong financial position with $4.4 million in cash and the purchase of shares is not expected to impede operations in any way.
Magnifoam Technology International Inc. is an integrated material science company. MTII's manufacturing operations, Magnifoam Technology Inc. and PolyFab, are engaged in the research, development and production of specialty silicone foam using patented technology, and the design and fabrication of energy management systems from a variety of flexible, cellular materials. Through its interest in QSi, LLC, the company is also involved in the development of specialty silicone resins, the primary input in Magnifoam? silicone foam. MTII sells its products to the aerospace, mass transit, automotive, sporting goods, industrial, institutional and protective packaging markets.
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For further information, please contact:
Ronald S. Brooks
Chief Financial Officer
(905)-564-9700
Rondo |
