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VEGREVILLE, AB, March 15, 2023 /CNW/ - TerraVest Industries Inc. ("TerraVest" or the "Corporation") (TSX: TVK) announced today that it has received the approval of the Toronto Stock Exchange (the "TSX") to renew its normal course issuer bid (the "Bid") for up to 949,963 of its issued and outstanding common shares (the "Shares") on the TSX. In connection with the Bid, TerraVest has entered into an automatic share purchase plan with its designated broker to allow for purchase of Shares (the "Share Purchase Plan").

Purchases under the Bid may commence on March 17, 2023 and will terminate on March 16, 2024 or on such earlier date as the Bid is complete. Purchases of Shares will be made either through the facilities of the TSX in accordance with its rules or through alternative Canadian trading systems.

The average daily trading volume of the Shares for the previous six calendar months ("ADTV") was 3,434 Shares. Subject to the TSX's block purchase exception, on any trading day, purchases under the Bid will not exceed 1,000 Shares. The price that the Corporation will pay for any Shares purchased under the Bid will be the prevailing market price at the time of purchase. Any Shares purchased by the Corporation will be cancelled.

As of March 7, 2023, there were 17,831,318 Shares issued and outstanding. The 949,963 Shares that may be repurchased under the Bid represents approximately 10% of the public float of Shares on March 7, 2023.

Pursuant to the Corporation's normal course issuer bid which commenced on March 17, 2022 and terminates on March 16, 2023, TerraVest had obtained approval to purchase up to 947,259 Shares, and purchased 97,800 Shares at a weighted average price of $23.43 per Share.

The Board of Directors of the Corporation has authorized the Bid because it believes that it is an efficient use of the Corporation's financial resources to purchase Shares when the market price of the Shares does not fully reflect their underlying value.

The Share Purchase Plan will commence on March 17, 2023 and end on, or before, March 16, 2024. Purchases under the Share Purchase Plan will be determined by TerraVest's broker in its sole discretion, without consultation with TerraVest, subject to the limitations of the Share Purchase Plan and the rules of the TSX. The Share Purchase Plan is considered an "automatic plan" for purposes of applicable Canadian securities laws and has been reviewed by the TSX.

The Share Purchase Plan was established to provide standard instructions regarding how the Shares are to be purchased under the Bid. Accordingly, TerraVest may purchase Shares in accordance with the Share Purchase Plan on any trading day during the Bid, including during self-imposed trading blackout periods. TerraVest may otherwise vary, suspend or terminate the Share Purchase Plan only if it does not have material non-public information, the decision to vary, suspend or terminate the Share Purchase Plan is not taken during a self- imposed trading blackout period and any variation, suspension or termination is made in accordance with the terms of the Share Purchase Plan.


This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of TerraVest; statements related to the timing and quantity of any purchases of Shares under the Bid and the Share Purchase Plan; our strategic direction and evaluation of the business segments and TerraVest as a whole; and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects", "may" and "will" or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require us to make assumptions and, accordingly, forward looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements

SOURCE TerraVest Industries Inc.

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