CALGARY, Alberta, March 11, 2020 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) announces that the TSX Venture Exchange (the “Exchange”) has accepted its Notice of Intention (the “Notice”) to make a normal course issuer bid (“NCIB”) to purchase outstanding common shares (“Shares”) of FluroTech Ltd. (the “Corporation”) through open market transactions through the facilities of the Exchange.
The Corporation is authorized to purchase up to 1,800,000 Shares under the NCIB, representing approximately 3.3% of the issued and outstanding Shares. As of the date hereof, there are 54,273,815 Shares issued and outstanding. The Corporation intends to commence the NCIB on March 13, 2020 and terminate the bid on March 12, 2021, or such earlier time as the bid is completed or terminated at the option of the Corporation.
All Shares purchased under this bid will be purchased in the open market through the facilities of the Exchange at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled and returned to treasury. The Corporation intends to acquire Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. This is the first NCIB the company has undertaken.
FluroTech’s board of directors believe that, from time to time, the market price of its Shares may not adequately reflect their underlying value. At such time, the board of directors believe that the purchase of Shares for cancellation pursuant to the NCIB is in the best interest of the Corporation and its shareholders, as the cancellation of the Shares will increase the value of the remaining Shares.
The Corporation has appointed Haywood Securities to make purchases under the NCIB on its behalf.
FluroTech is a technology and marketing company whose core business is focused on the commercialization of new technologies in the cannabis and hemp industries. FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution comprising a platform technology called the CompleTest™ and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTest platform technology.
To learn more, visit www.FluroTech.com
|Danny Dalla-Longa |
Chief Executive Officer
7 - 3535 Research Road NW
Calgary, AB T2L 2K8
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about the Corporation’s intention to acquire Shares purchase to the NCIB, the timing of such bid and that the repurchase and cancellation of the Shares pursuant to the NCIB is in the best interest of the shareholders and that it will increase the value of the remaining Shares. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation’s Annual Information Form under the heading “Risk Factors” and the failure to realize anticipated benefits of the NCIB. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
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 of this release.