NANAIMO,
BC, Nov. 10, 2022 /CNW/ - Atlas Engineered
Products ("Atlas", "AEP" or the "Company") (TSXV: AEP); (OTC
Markets: APEUF) announced today that it has received approval from
the TSX Venture Exchange (the "TSXV") to renew its normal course
issuer bid (the "NCIB") to be transacted through the facilities of
the TSXV.
The renewed NCIB will commence on December 1, 2022 and end on December 1, 2023 or such earlier date as AEP may
complete its purchases as set forth in its notice filed with the
TSXV. Under the renewed NCIB, AEP may purchase up to 4,732,015
common shares of the Company, representing up to 10% of the
Company's Public Float as of November 2,
2022. The price that AEP will pay for Common Shares
purchased under the NCIB will be the prevailing market price at the
time of acquisition. The actual number of Common Shares purchased
under the NCIB, and the timing of such purchases will be determined
by the management of AEP. Purchases under the NCIB will continue to
be effected by Canaccord Genuity Corp. ("Canaccord"). 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.
Purchases of common shares under the NCIB will continue to be
made on the open market through the facilities of the TSXV and will
be purchased for cancellation.
AEP's board of directors continues to believe that the current
market price for the Company's common shares does 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.
Under AEP's previous NCIB, conducted between November 3, 2021 and November 1, 2022, AEP purchased and cancelled a
total of 2,886,286 common shares under the previous NCIB at a
weighted average price of $0.553 per
share.
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 and
apply new technologies, giving us a unique opportunity to
consolidate a fragmented industry of independent operators.
www.atlasengineeredproducts.com
FORWARD LOOKING INFORMATION
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 and six months ended June 30,
2022. 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.