Intertape Polymer Group Inc. Announces its Normal Course Issuer Bid to Commence.MONTREAL & BRADENTON, Fla. -- Intertape Polymer Group Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ITP ITP - Intent to Package )(NYSE NYSE See: New York Stock Exchange :ITP) announced today that, following the release on February 28, 2006 of its results for the fourth quarter and year ended December 31, 2005, it has decided to implement a normal course issuer bid. The board of directors of Intertape has authorized a normal course issuer bid further to which Intertape may, over a 12-month period, repurchase at prevailing market prices, up to a maximum of 2,047,903 common shares, representing approximately 5% of its 40,958,074 common shares currently outstanding. Subject to the approval of the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , Intertape's purchases under the bid can commence on March 16, 2006, and the bid will remain in effect until the earlier of March 15, 2007 and the date upon which Intertape has either acquired the maximum number of common shares specified above or otherwise decided not to make any further purchases under the bid. Intertape believes that the purchase by it of its own common shares may, in appropriate circumstances, be a responsible investment of available funds on hand. Under Intertape's previous normal course issuer bid, which ran between November 9, 2004 and November 8, 2005, Intertape repurchased a total of 99,500 of its common shares at an average price of U.S$7.21 per share for an aggregate total of U.S$718,000.Additionally, on November 15, 2005, Intertape reacquired 250,587 of its common shares for cancellation, such common shares which had been held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. pending the resolution of certain third party legal claims arising from Intertape's acquisition of Olympian Tape Sales Inc. d/b/a United Tape Company in 2000. About Intertape Polymer Group Intertape Polymer Group is a recognized leader in the development and manufacture of specialized polyolefin plastic and paper based packaging products and complementary packaging systems for industrial and retail use.Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida, the Company employs approximately 3,000 employees with operations in 19 locations, including 14 manufacturing facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and one in Europe. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company undertakes no duty to update its forward-looking statements, including its earnings outlook. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Intertape Polymer Group Inc. Melbourne F. Yull Chairman and Chief Executive Officer (866) 202-4713 itp$info@itape.com www.intertapepolymer.com INDUSTRY:CTR See click-through rate. SUBJECT:STK -0- Intertape Polymer Group Inc. (NYSE:ITP) (TSX:ITP) |
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