JITE Announces Share Buy-Back ProgramMaximum of 4.75% of current outstanding shares. Coupled with the insider buying and recent interest by McVicar, things are starting to look interesting for the near future.
-K
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Company News Alert
JITE TECHNOLOGIES ANNOUNCES NORMAL COURSE ISSUER BID (cnw)
TORONTO, Sept. 22 /CNW/ - Jite Technologies Inc. ("Jite" or the "Company") (TSXV: JTI) announces that it intends to conduct, subject to regulatory approval, a normal course issuer bid (the "Bid") pursuant to which Jite may purchase up to a maximum of 1,000,000 common shares in the capital of Jite (the "Shares"), representing approximately 4.75% of its 21,073,613 issued and outstanding common shares as at September 20, 2010.
Jite is of the view that the recent market prices of the Shares do not properly reflect the underlying fundamentals and values of its assets and business undertaking. The Company has recorded consecutive quarters of earnings growth in the last three years. In the first half of 2010, Jite recorded sales of $9.2 million, a 22% increase from the same period of 2009 and net earnings of $1.1 million (
.05 per share), a 79% increase from the same period of 2009. No insiders of the Company intend to participate in the Bid.
The Company intends to commence the Bid on or about September 25, 2010 (being three days following acceptance of the Bid by the TSX Venture Exchange on September 21, 2010) and terminate the Bid on or about September 24, 2011. Pursuant to TSX Venture Exchange (the "Exchange") policies, purchases of Shares under the Bid or otherwise during any 30 day period will not exceed 2% of the issued and outstanding Shares at the time such purchases are made. Purchases pursuant to the Bid will be made from time to time through the facilities of the Exchange. Shares purchased will be paid for with cash available from Jite's working capital, which at June 30, 2010, was approximately $10.5 million. All Shares purchased pursuant to the Bid will be cancelled and returned to treasury.
The Bid will be conducted through Union Securities Ltd., Suite #901, 33 Yonge Street, Toronto, Ontario, Canada, M5E 1G4.