EXFO Renews Normal Course Issuer Bid
November 06 2009 - 8:00AM
PR Newswire (US)
QUEBEC CITY, Nov. 6 /PRNewswire-FirstCall/ -- EXFO Electro-Optical
Engineering Inc. (NASDAQ: EXFO; TSX: EXF) announced today that its
Board of Directors has authorized the renewal of its share
repurchase program, by way of a normal course issuer bid ("NCIB")
on the open market, of up to 10% (2,256,431 subordinate voting
shares) of the public float (22,564,311 subordinate voting shares)
as defined by the Toronto Stock Exchange ("TSX"). EXFO had
22,749,965 subordinate voting shares outstanding on November 2,
2009. As of the date of this notice, EXFO has repurchased in the
course of the previous renewal of its NCIB a total of 311,872
shares, being 273,600 shares on the TSX at an average amount of
C$3.48 and 38,272 shares on the NASDAQ at an average amount of
US$3.08. The previous renewal of the NCIB has been effective since
November 10, 2008 and will expire on November 9, 2009. In addition,
EXFO repurchased in December 2008, 7,692,307 shares in the course
of a substantial issuer bid at an average amount of C$3.90. The TSX
has accepted a notice filed by EXFO of its intention to renew its
NCIB. EXFO may use cash, short-term investments and future cash
flows from operations to fund the repurchase of shares. Repurchases
under the bid will be made on the open market, through the
facilities of the TSX and NASDAQ Global Market, at the prevailing
market price. The timing of such repurchases, if any, will depend
on price, market conditions and applicable regulatory requirements.
The NCIB will become effective on November 10, 2009 and end on
November 9, 2010 or on an earlier date if EXFO repurchases the
maximum number of shares permitted. The average daily trading
volume (ADTV) of EXFO's subordinate voting shares was 54,999 on the
TSX and 25,198 on the NASDAQ over the last six completed calendar
months. Accordingly, EXFO is entitled to purchase up to 25% of the
ADTV on any trading day (being 13,749 subordinate voting shares on
the TSX and 6,299 subordinate voting shares on the NASDAQ). The
program does not require the Company to repurchase a minimum number
of shares and it may be modified, suspended or terminated at any
time without prior notice. All shares acquired by EXFO under the
bid will be cancelled. About EXFO EXFO is a leading provider of
test and service assurance solutions for network service providers
and equipment manufacturers in the global telecommunications
industry. The Telecom Division offers a wide range of innovative
solutions extending across the full technology lifecycle - from
design to technology deployment and onto service assurance - and
covering all layers on a network infrastructure to enable
triple-play services and next-generation, converged IP networking.
The Life Sciences and Industrial Division offers solutions in
medical device and opto-electronics assembly, fluorescence
microscopy and other life science sectors. For more information,
visit http://www.exfo.com/. Forward-Looking Statements This press
release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995, and we
intend that such forward-looking statements be subject to the safe
harbors created thereby. Forward-looking statements are statements
other than historical information or statements of current
condition. Words such as may, will, expect, believe, anticipate,
intend, could, estimate, continue, or the negative or comparable
terminology are intended to identify forward-looking statements. In
addition, any statements that refer to expectations, projections or
other characterizations of future events and circumstances are
considered forward-looking statements. They are not guarantees of
future performance and involve risks and uncertainties. Actual
results may differ materially from those in forward-looking
statements due to various factors including the effect of the
worldwide recession and the timing of the expected recovery on the
telecom market for our customers and suppliers; fluctuating
exchange rates and our ability to execute in these uncertain
conditions; consolidation in the global telecommunications test,
measurement and service assurance industry; capital spending levels
in the telecommunications, life sciences and high-precision
assembly sectors; concentration of sales; the effects of the
additional actions we have taken in response to such economic
uncertainty (including our ability to quickly adapt cost structures
with anticipated levels of business, ability to manage inventory
levels with market demand); market acceptance of our new products
and other upcoming products; limited visibility with regards to
customer orders and the timing of such orders; our ability to
successfully integrate our acquired and to-be-acquired businesses;
our ability to successfully expand international operations; the
retention of key technical and management personnel; and future
economic, competitive, financial and market condition. Assumptions
relating to the foregoing involve judgments and risks, all of which
are difficult or impossible to predict and many of which are beyond
our control. Other risk factors that may affect our future
performance and operations are detailed in our Annual Report, on
Form 20-F, and our other filings with the U.S. Securities and
Exchange Commission and the Canadian securities commissions. We
believe that the expectations reflected in the forward-looking
statements are reasonable based on information currently available
to us, but we cannot assure you that the expectations will prove to
have been correct. Accordingly, you should not place undue reliance
on these forward-looking statements. These statements speak only as
of the date of this document. Unless required by law or applicable
regulations, we undertake no obligation to revise or update any of
them to reflect events or circumstances that occur after the date
of this document. DATASOURCE: EXFO ELECTRO-OPTICAL ENGINEERING INC.
CONTACT: Vance Oliver, Manager, Investor Relations, (418) 683-0913,
Ext. 3733,
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