NANAIMO, BC, Oct. 28, 2021 /CNW/ - Atlas Engineered
Products ("Atlas", "AEP" or the "Company") (TSXV: AEP) (OTC-PINK:
APEUF) announced today that it has received approval from the TSX
Venture Exchange (the "TSXV") to implement a normal course issuer
bid (the "Bid") to be transacted through the facilities of the
TSXV.
The Bid will commence on November 3,
2021 and end on November 3,
2022 or such earlier date as AEP may complete its purchases
as set forth in its notice filed with the TSXV. Under the Bid,
AEP may purchase up to 2,886,286 common shares of the Company,
representing up to 5% of the total number of common shares
outstanding as of October 28, 2021.
The price that AEP will pay for Common Shares purchased under the
Bid will be the prevailing market price at the time of
acquisition. The actual number of Common Shares purchased
under the Bid, and the timing of such purchases will be determined
by management of AEP. AEP has engaged Canaccord Genuity Corp.
("Canaccord") to effect purchases under the Bid on AEP's behalf.
AEP may enter into a pre-defined automatic securities purchase plan
with Canaccord to allow for the repurchase of Common Shares at a
time when the Company would ordinarily not be active in the market
due to its own internal trading blackouts, insider trading rules or
otherwise. Any such plans will be adopted in accordance with
applicable Canadian securities laws.
All purchases of Common Shares will be made on the open market
through the facilities of the TSXV and will be purchased for
cancellation.
AEP's board of directors believes that the current market price
for the Company's common shares do not currently reflect the
underlying value of the Company. As a result, depending on future
price movements and other factors, AEP's board of directors
believes that the purchase of the shares is an appropriate use of
AEP's funds and in the best interests of AEP's shareholders.
About Atlas Engineered Products Ltd.
AEP is a growth company that is acquiring and operating
profitable, well-established operations in Canada's truss and engineered products
industry. We have a well-defined and disciplined acquisition and
operating growth strategy enabling us to scale aggressively, giving
us a unique opportunity to consolidate a fragmented industry of
independent operators.
Information set forth in this news release contains
forward-looking statements. These statements reflect management's
current estimates, beliefs, intentions and expectations; they are
not guarantees of future performance. Although AEP believes that
the expectations reflected in the forward looking statements are
reasonable, there is no assurance that such expectations will prove
to be correct, or that such future events will occur in the
disclosed time frames or at all. AEP cautions that all
forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond AEP's control. Such factors include,
among other things: Risks and uncertainties relating to AEP,
including those to be described in the Management's Discussion and
Analysis ("MD&A") for AEP's three months ended June 30, 2021. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, AEP undertakes no
obligation to publicly update or revise forward-looking
information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.