Polyair Inter Pack Inc. -- Announcement Regarding Normal Course Issuer Bid.TORONTO--(BUSINESS WIRE)--Nov. 18, 1999-- (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :PPK Noun 1. PPK - a Marxist-Leninist terrorist group of Kurds trying to establish an independent Kurdish state in eastern Turkey Kurdistan Labor Pary, Kurdistan Workers Party, Partiya Karkeran Kurdistan .) (AMEX AMEX See: American Stock Exchange :PPK) Polyair Inter Pack Inc. (TSE and AMEX "PPK") announced today that The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has accepted a notice filed by the Company of its intention to make normal course issuer bids. The notice provides that the Company may, during the 12 month period commencing November 22, 1999 and ending November 21, 2000, purchase on The Toronto Stock Exchange up to 334,270 common shares in total, being 5% of the outstanding common shares. The price that the Company will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by the Company. The Company intends to cancel the common shares purchased pursuant to the normal course issuer bid. There are 6,685,400 common shares of the Company outstanding. The company has purchased 134,600 shares of its common stock at an average price of CAD $4.15 per share, excluding commissions, pursuant to a normal course issuer bid through the facilities of The Toronto Stock Exchange that expired on September 7th, 1999. The Company believes that the common shares have traded in a price range which may not adequately reflect their value in relation to the Company's future business prospects. As a result, depending upon share price movements and other factors, the Company believes that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds. Polyair Inter Pack Inc. manufactures protective packaging, swimming pool accessory products and insulation materials which are sold through a network of some 1,800 distributors across 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. . Polyair operates ten manufacturing facilities, seven of which are based in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. where the Company generated approximately 87% of its 1998 annual sales. The Company's shares are listed on both The Toronto Stock Exchange and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol "PPK". |
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