GURU Organic Energy Announces Normal Course Issuer Bid
July 21 2022 - 6:00AM
GURU Organic Energy Corp. (TSX: GURU) (“
GURU” or
the “
Company”), Canada’s leading organic energy
drink brand, announced today that the Toronto Stock Exchange (the
“
TSX”) has accepted a notice filed by the Company
of its intention to make a normal course issuer bid
(“
NCIB”) with respect to its common shares (the
“
Shares”).
The notice provides that GURU may, during the
12-month period commencing July 25, 2022, and ending no later than
July 24, 2023, purchase up to 500,000 Shares, representing
approximately 1.5% of the 32,341,126 Shares outstanding as at July
14, 2022, through the facilities of the TSX or alternative Canadian
trading systems, at times and in numbers to be determined by the
Company. All shares purchased under the NCIB will be purchased on
the open market and in accordance with the rules and policies of
the TSX at the prevailing market prices and cancelled.
The average daily trading volume of the Shares
on the TSX for the most recently completed six calendar months is
11,440. Pursuant to the rules and policies of the TSX, daily
purchases under the NCIB will be limited to 2,860 Shares,
representing 25% of the average daily trading volume, except
pursuant to certain prescribed exceptions.
GURU’s expansion plans are aimed at growing
market share and generating sustainable long-term profitable growth
and the great majority of its capital and efforts are allocated to
these goals. However, GURU believes that at times, the market price
of its Shares may not reflect their full value, and their
repurchase in this context represents an appropriate and desirable
use of some of the Company’s capital. Decisions regarding the
actual number of Shares and timing of any purchases or other
actions in connection with the NCIB will be made by GURU based on
various factors, including prevailing market conditions and the
Company’s capital and liquidity positions. In addition, GURU may
from time to time repurchase Shares under an automatic share
purchase plan it may enter into with a broker in the future, which
would enable purchases during times when GURU would typically not
be permitted to purchase Shares due to regulatory or other
reasons.
There can be no assurances that GURU will
purchase all or any of the number of Shares that are subject to the
NCIB referred to in this press release. GURU may also suspend or
discontinue the NCIB at any time.
GURU has not repurchased Shares under a NCIB in
the last twelve months.
About GURU ProductsAll GURU
energy drinks are plant-based, high in natural caffeine and free of
artificial sweeteners, artificial colours, artificial flavours and
preservatives. In addition, all drinks are organic, vegan and
gluten-free – and the best thing about them is their amazing
taste.
About GURUGURU Organic Energy
Corp. (TSX: GURU) is a dynamic, fast-growing beverage company
launched in 1999, when it pioneered the world’s first natural,
plant-based energy drink. The Company markets organic energy drinks
in Canada and the United States through a distribution network
estimated at over 25,000 points of sale, and through guruenergy.com
and Amazon. GURU has built an inspiring brand with a clean list of
organic plant-based ingredients. Its drinks offer consumers good
energy that never comes at the expense of their health. The Company
is committed to achieving its mission of cleaning the energy drink
industry in Canada and the United States. For more information, go
to www.guruenergy.com or follow us @guruenergydrink on Instagram
and @guruenergy on Facebook.
For further information, please
contact:
GURU Organic EnergyInvestorsCarl
Goyette, President and CEOIngy Sarraf, Chief Financial
Officer514-845-4878investors@guruenergy.com |
MediaLyla RadmanovichPELICAN
PR514-845-8763media@rppelican.ca |
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of applicable Canadian securities legislation. Such
forward-looking statements include, but are not limited to,
information with respect to our objectives and the strategies for
achieving those objectives, information and statements relating to
potential future purchases by GURU of Shares under the NCIB, as
well as information with respect to our beliefs, plans,
expectations, anticipations, estimates and intentions.
Forward-looking statements are typically identified by the use of
words such as “may”, “would”, “should”, “could”, “expect”,
“intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”,
or “continue”, although not all forward-looking statements contain
these words. Forward-looking statements are provided for the
purposes of assisting the reader in understanding the Company and
its business, operations, prospects, and risks at a point in time
in the context of historical and possible future developments, and
the reader is therefore cautioned that such information may not be
appropriate for other purposes. Forward-looking statements are
based on assumptions and are subject to a number of risks and
uncertainties, many of which are beyond our control, which could
cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking statements. Those
risks and uncertainties include the following, which are discussed
in greater detail under “Risk Factors” in the Company’s Annual
Information Form for the year ended October 31, 2021, available on
SEDAR at www.sedar.com: management of growth; reliance on key
personnel; changes in consumer preferences; significant changes in
government regulation; criticism of energy drink products and/or
the energy drink market; economic downturn and continued
uncertainty in the financial markets and other adverse changes in
general economic or political conditions, as well as the COVID-19
pandemic or other major macroeconomic phenomena; global or regional
catastrophic events; fluctuations in foreign currency exchange
rates; net revenues derived entirely from energy drinks; increased
competition; relationships with co-packers and distributors and/or
their ability to manufacture and/or distribute GURU’s products;
relationships with existing customers; changing retail landscape;
increases in costs and/or shortages of raw materials and/or
ingredients and/or fuel and/or costs of co-packing; failure to
accurately estimate demand for its products; history of negative
cash flow and no assurance of continued profitability or positive
EBITDA; intellectual property rights; maintenance of brand image or
product quality; retention of the full-time services of senior
management; climate change; litigation; information technology
systems; fluctuation of quarterly operating results; risks
associated with the PepsiCo distribution agreement; no assurance of
continued profitability or positive EBITDA; and conflicts of
interest. Certain assumptions were made in preparing the
forward-looking statements concerning availability of capital
resources, business performance, market conditions and consumer
demand. Consequently, all of the forward-looking statements
contained herein are qualified by the foregoing cautionary
statements, and there can be no guarantee that the results or
developments that we anticipate will be realized or, even if
substantially realized, that they will have the expected
consequences or effects on our business, financial condition, or
results of operation. Unless otherwise noted or the context
otherwise indicates, the forward-looking statements contained
herein are provided as of the date hereof, and we do not undertake
to update or amend such forward-looking statements whether as a
result of new information, future events or otherwise, except as
may be required by applicable law.
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