Stellar Pharmaceuticals Inc. Announces Stock Buyback Program
07 April 2008 - 1:30PM
Marketwired
LONDON, ONTARIO (TSX VENTURE: SLX)(OTCBB: SLXCF) announced today
that the TSX Venture Exchange (the "Exchange") has accepted a
notice filed by Stellar of its intention to make a Normal Course
Issuer Bid (the "Bid").
The notice provides that Stellar may, during the 12 month period
commencing April 9, 2008 and ending April 8, 2009, purchase on the
Exchange up to 1,191,127 common shares, provided that the aggregate
value of shares so purchased does not exceed of $1,000,000. The
price which Stellar will pay for any such shares will be the market
price at the time of acquisition. The actual number of common
shares which may be purchased pursuant to the Bid and the timing of
any such purchases will be determined by management of Stellar. As
at April 1, 2008 there are approximately 23,822,540 common shares
outstanding. The average daily trading volume of common shares for
the most recently completed six calendar months are as follows: TSX
Venture trading symbol SLX.V - 2,033; OTCBB trading symbol SLXCF.OB
- 11,883. All common shares purchased pursuant to the Bid will be
purchased for cancellation.
Stellar did not make any normal course issuer bid purchases
during the twelve months preceding the date of the notice filed
with the Exchange.
Stellar believes that its common shares have been trading in a
price range which does not adequately reflect the value of such
shares in relation to the business of Stellar and its future
business prospects. As a result, depending upon future price
movements and other factors, Stellar believes that its outstanding
common shares may represent an attractive investment to Stellar.
Furthermore, the purchases are expected to benefit all persons who
continue to hold common shares by increasing their equity interest
in Stellar.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Actual results may differ materially
from those indicated by these forward-looking statements as a
result of risks and uncertainties impacting the Company's business
including increased competition; the ability of the Company to
expand its operations, to attract and retain qualified
professionals, technological obsolescence; general economic
conditions; and other risks detailed from time to time in the
Company's filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Stellar Pharmaceuticals Inc. Peter Riehl
1-800-639-0643 or (519) 434-1540 Stellar Pharmaceuticals Inc.
Arnold Tenney (416) 587-3200
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