TORONTO, ONTARIO--(Marketwired - Feb. 19, 2016) -Eurocontrol Technics Group Inc. (TSX VENTURE:EUO) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative authentication, verification and certification technologies, announces that it has received approval from the TSX Venture Exchange for the Company's intention to make a normal course issuer bid (the "Issuer Bid"). Under the terms of the Issuer Bid, the Company may acquire or repurchase for cancellation up to 8,705,557 issued common shares of the Company representing approximately 10% of the Company's estimated Public Float.
Eurocontrol and its Board of Directors believe that the market price of the Company's shares may not fully reflect the value of its business and future prospects, and as such that purchasing its own shares for cancellation is an appropriate strategy for increasing long term shareholder value.
The purchase for cancellation of shares is authorized to commence on February 22, 2016 and end on February 21, 2017, or such earlier date as the Issuer Bid is completed or terminated by Eurocontrol. Purchases under the Issuer Bid will be made on behalf of the Company by Haywood Securities Inc. in open market transactions on the TSX Venture Exchange.