CE Franklin Ltd. Renews Normal Course Issuer Bid For Its Common Shares
December 23 2009 - 5:46PM
PR Newswire (US)
CALGARY, Dec. 23 /PRNewswire-FirstCall/ -- CE Franklin Ltd.
(NASDAQ:-NASDAQ:CFKNASDAQ: TSX:NASDAQ:-NASDAQ:CFT) announced today
that its Board of Directors has authorized the renewal of the
Company's Normal Course Issuer Bid (NCIB). Under the renewed NCIB,
CE Franklin may purchase for cancellation up to 880,000 of its
Common Shares without par value ("Common Shares"), being
approximately 5% of the total number of Common Shares outstanding
as of the date hereof, from time to time in open market or
privately negotiated transactions. The share repurchase will be
conducted solely through the facilities of NASDAQ and is subject to
prevailing market conditions and other considerations. CE Franklin
purchased 553,710 Common Shares for cancellation under its existing
NCIB which will expire on December 31, 2009. Purchases under the
renewed NCIB may commence on January 4, 2010 and be made until
December 31, 2010. For more than half a century, CE Franklin has
been a leading supplier of products and services to the energy
industry. CE Franklin distributes pipe, valves, flanges, fittings,
production equipment, tubular products and other general oilfield
supplies to oil and gas producers in Canada as well as to the
oilsands, refining, heavy oil, petrochemical, forestry and mining
industries. These products are distributed through its 49 branches,
which are situated in towns and cities serving particular oil and
gas fields of the western Canadian sedimentary basin.
Forward-looking Statements: The information in this news release
may contain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and other applicable securities
legislation. All statements, other than statements of historical
facts, that address activities, events, outcomes and other matters
that CE Franklin plans, expects, intends, assumes, believes,
budgets, predicts, forecasts, projects, estimates or anticipates
(and other similar expressions) will, should or may occur in the
future are forward-looking statements. These forward-looking
statements are based on management's current belief, based on
currently available information, as to the outcome and timing of
future events. When considering forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements and refer to the Form 20-F or our annual information
form for further detail. DATASOURCE: CE Franklin Ltd. CONTACT:
Investor Relations, (800) 345-2858, (403) 531-5604,
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