Divestco Inc.

Divestco Inc.

January 09, 2007 16:15 ET

Divestco Announces Notice of Intention to Make a Normal Course Issuer Bid to January 14, 2008

CALGARY, ALBERTA--(CCNMatthews - Jan. 9, 2007) - DIVESTCO INC. (TSX:DVT) ("Divestco" or the "Corporation") announced that a Notice of Intention to make a Normal Course Issuer Bid has been filed with and accepted by the Toronto Stock Exchange to purchase up to 1,769,969 (a maximum of 5%) of its issued and outstanding Common Shares (35,399,380 Common Shares as at January 4, 2007) in a twelve-month period. The Issuer Bid will commence on the 15th day of January, 2007 and will terminate on the earlier of the 14th day of January, 2008 and the date on which the maximum number of Common Shares are purchased pursuant to the Issuer Bid. Purchases of Common Shares under the Issuer bid will be effected through the facilities of the Toronto Stock Exchange at the market price at the time of purchase.

The Corporation's board of directors and management believe that the purchase by the Corporation of its outstanding Common Shares pursuant to the Normal Course Issuer Bid constitutes a prudent investment of corporate funds and a sound business decision in relation to alternative investment opportunities presently available to the Corporation as, in their opinion, the shares are undervalued when considered against the assets and liabilities of the Corporation and in light of its current and potential earnings. Presently Common Shares of Divestco are listed for trading on the Toronto Stock Exchange.

Divestco is an innovative software, data, services, and consulting company providing integrated solutions for the oil and gas industry. By implementing a strategy of integration between our software, services, and datasets, and potentially all three together, we are creating a unique set of offerings. Divestco is headquartered in Calgary, Alberta, Canada and trades on the Toronto Stock Exchange under the symbol "DVT".

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    (403) 218-6466
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer
    (403) 218-6450
    Website: www.divestco.com