Exco Technologies announces that it intends to renew its normal course issuer bid to acquire up to 1,500,000 of its outstanding Common Shares

TORONTO, May 6 /CNW/ - Exco Technologies Limited (TSX-XTC) announces that it intends to renew its normal course issuer bid to acquire up to 1,500,000 of its outstanding Common Shares, being approximately 3.7% of its outstanding shares. As at April 29, 2009, Exco had 40,674,176 Common Shares issued and outstanding. All purchases will be made through the facilities of and in accordance with the rules of the Toronto Stock Exchange and all shares purchased will be cancelled. Except where reliance is had on the Exchange's block purchase exemption, the maximum number of Shares purchasable under the bid on any trading day will be limited to 5,572 Common Shares. The average daily trading volume for the six-month period ended April 30, 2009 was 22,290 Common Shares.

The normal course issuer bid will commence on May 8, 2009 and end no later than May 7, 2010. Management of Exco believes such purchases are an appropriate and desirable use of available funds.

Under Exco's existing normal course issuer bid which expires on May 7, 2009, Exco has purchased 354,200 Common Shares at a weighted average price per share of $2.06. All of the Shares purchased under the existing bid have been cancelled.

Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 10 strategic locations, we employ 1,500 people and service a diverse and broad customer base.

This news release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information and statements, as there can be no assurance that the assumptions, plans, intentions or expectations upon which such statements are based will occur.

For further information:
Paul Riganelli, Vice-President, Finance and Chief Financial Officer,
Telephone: (905) 477-3065 Ext. 7228,
Website:http://www.excocorp.com

 

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