VANCOUVER, BC, Aug. 25,
2022 /CNW/ - Kits Eyecare Ltd. ("KITS" or the
"Company") (TSX: KITS) is pleased to announce the Toronto Stock
Exchange ("TSX") has accepted its notice of intention to make a
normal course issuer bid ("NCIB") to purchase a portion of its
common shares ("Common Shares").
As at August 24, 2022, KITS had
31,260,236 issued and outstanding Common Shares. Pursuant to the
NCIB, KITS may repurchase up to a maximum of 1,563,011 Common
Shares, representing approximately 5% of its issued and outstanding
Common Shares. Purchases under the NCIB may be made through open
market transactions on the TSX and any alternative Canadian trading
platforms on which the Common Shares are traded, based on the
prevailing market price. The total number of common shares the
Company is permitted to purchase is subject to a daily purchase
limit of 4,309 common shares, representing 25% of the average daily
trading volume of common shares on the TSX calculated for the
six-month period ended July 29, 2022,
being approximately 17,236 common shares. However, the Company may
make one block purchase per calendar week which exceeds the daily
repurchase restriction. Any Common Shares purchased under the NCIB
will be cancelled.
Transactions under the NCIB will depend on future market
conditions. KITS will initially retain discretion whether to make
purchases under the NCIB, and to determine the timing, amount and
acceptable price of any such purchases, subject at all times to
applicable TSX and other regulatory requirements. The period during
which KITS is authorized to make purchases under the NCIB commences
on August 29, 2022 and ends on
August 28, 2023 or such earlier date
on which the maximum number of Common Shares are purchased under
the NCIB or the NCIB is terminated at the Company's election.
The NCIB provides the Company with a capital allocation
alternative with a view to long-term shareholder value. KITS' Board
of Directors and management believe that, from time to time, the
market price of the Common Shares does not reflect their underlying
value and purchases of Common Shares for cancellation under the
NCIB may provide an opportunity to enhance shareholder value.
KITS believes that share purchases pursuant to the NCIB will
contribute to the facilitation of an orderly market and be in the
best interests of the Company and its shareholders. The NCIB
provides the Company with a capital allocation alternative with a
view to long-term shareholder value. KITS' Board of Directors and
management believe that, from time to time, the market price of the
Common Shares does not reflect their underlying value and purchases
of Common Shares for cancellation under the NCIB may provide an
opportunity to enhance shareholder value.
The actual number of Common Shares that will be repurchased
under the NCIB, and the timing of any such purchases, will be
determined by KITS at management's discretion, subject to TSX rules
and applicable securities laws. There cannot be any assurances as
to how many Common Shares, if any, will ultimately be acquired by
the Company.
About KITS
KITS is a rapidly growing, digital eyecare platform providing
eyewear for eyes everywhere. We offer customers access to a vast
selection of contact lenses and eyeglasses, including our own
exclusive KITS designed products, as well as a robust suite of
online vision tools. Our efficient digital platform, backed by our
industry-leading manufacturing and designs, removes intermediaries
and enables us to offer great prices and deliver made to order
personalized products with incredible care and accuracy. We are
creating disruption in the industry by constantly pursuing
cutting-edge technologies to enable the best customer experience,
including online eyewear fitting tools, and virtual try-on for
glasses. We strive to delight our customers with our competitive
prices, a convenient digital shopping experience, fast and reliable
delivery options and an unrelenting focus on earning our customers'
lifelong trust. For more information on KITS, visit:
www.KITS.com.
Forward-Looking
Statements
This press release contains forward-looking statements,
including statements relating to the commencement and execution of
the NCIB. These forward-looking statements generally can be
identified by the use of words such as "intend," "believe,"
"could," "continue," "expect," "estimate," "forecast," "may,"
"potential," "project," "plan," "would," "will," and other words of
similar meaning. Each forward-looking statement contained in this
press release is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statement. Our business is subject to substantial
risks and uncertainties. This forward-looking information and other
forward-looking information are based on our opinions, estimates
and assumptions in light of our experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors that we currently believe
are appropriate and reasonable in the circumstances. Despite a
careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct. KITS'
risks and uncertainties are discussed in detail in the Company's
Annual Information Form, filed on SEDAR on March 9, 2022. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties. We caution investors not to rely on the
forward-looking statements contained in this press release when
making an investment decision in our securities. The
forward-looking statements in this press release speak only as of
the date of this release, and we undertake no obligation to update
or revise any of these statements, except as required under
applicable securities laws. If we do update certain
forward-looking information, no inference should be made that we
will further update such or other forward-looking information.
SOURCE KITS
