The Forzani Group Ltd./Le Groupe Forzani Ltee
TSX : FGL

The Forzani Group Ltd./Le Groupe Forzani Ltee

October 24, 2007 07:00 ET

Forzani Announces Intention to Conduct Purchases Under Existing Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Oct. 24, 2007) - The Forzani Group Ltd. (TSX:FGL), Canada's largest retailer of sporting goods confirms today its intention to conduct purchases under the Company's existing normal course issuer bid. The Company believes that its Common Shares are undervalued in the market and are a good investment for the Company at current prices.

Pursuant to its existing normal course issuer bid, Forzani is permitted to purchase, from March 27, 2007 to March 26, 2008, up to 2,313,000 Common Shares. Under the normal course issuer bid Forzani has purchased 462,900 Common Shares through the facilities of the Toronto Stock Exchange since March 27, 2007 at an average price of $21.40. No assurance can be given regarding the precise timing for or number of Common Shares to be purchased from time to time by the Company within the limits of its existing normal course issuer bid, provided that the purchase of and payment for Common Shares will be made by the Company in accordance with the requirements of the Toronto Stock Exchange and the price the Company will pay for any Common Shares will be the market price of the Common Shares at the time of acquisition.

The Forzani Group Ltd. is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the corporate banners: Sport Chek, Coast Mountain Sports, Sport Mart, and National Sports. The Forzani Group is also a franchisor under the banners: Sports Experts, Intersport, Econosports, Atmosphere, Pegasus, Tech Shop, Nevada Bob's Golf, Hockey Experts and The Fitness Source. The Company also has websites for several of its corporate and franchise banners which can be accessed through its main website at www.forzanigroup.com.

The foregoing information may contain forward-looking statements relating to the future performance of The Forzani Group Ltd. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. The Company, with the appropriate securities commissions, details these risks and uncertainties from time to time.

Contact Information

  • The Forzani Group Ltd.
    Robert Sartor, CA
    C E O
    (403) 717-1342
    or
    The Forzani Group Ltd.
    John Forzani
    (403) 717-1341
    or
    The Forzani Group Ltd.
    Karen Wiwchar
    VP Law, General Counsel & Corporate Secretary
    (403) 717-1476
    Website: www.forzanigroup.com