Gendis Inc.

Gendis Inc.

January 08, 2007 16:33 ET

Notice of Intention to Make a Normal Course Issuer Bid to Purchase Common Shares of Gendis Inc.

WINNIPEG, MANITOBA--(CCNMatthews - Jan. 8, 2007) - Gendis Inc. (TSX:GDS) intends to purchase a maximum of 749,014 of its Common shares, being five (5%) percent of the 14,980,286 currently issued and outstanding Common shares. Purchases may commence on January 10, 2007 and will terminate no later than January 9, 2008.

Purchases of the Common shares will be effected through the facilities of The Toronto Stock Exchange. The purchase and payment for the Common shares purchased will be made by Gendis Inc. in accordance with the requirements of The Toronto Stock Exchange and the price which Gendis Inc. will pay for any such Common shares will be the market price of such Common shares at the time of acquisition. Common shares purchased pursuant to this Notice will be cancelled.

Gendis Inc. will make no purchases of Common shares other than open market purchases.

Gendis Inc. believes that the current market price of its Common shares does not adequately reflect the value of its business and its future business prospects. Accordingly, Gendis Inc. believes that its outstanding Common shares represent an attractive investment and an appropriate and desirable use of its available funds.

Pursuant to a Normal Course Issuer Bid that expired January 5, 2007, Gendis Inc. purchased 335,700 Common Shares, at an average price of $2.29 per Common Share.

No director or senior officer of Gendis Inc. intends to sell Common shares of Gendis Inc. during the period of this Notice. To the knowledge of the company, no associate of a director or senior officer of Gendis Inc., and no person acting jointly or in concert with Gendis Inc. and no person holding ten (10%) percent or more of any class of equity securities of Gendis Inc. intends to sell Common shares of Gendis Inc. during the period of this Notice.

Contact Information

  • Gendis Inc.
    James E. Cohen
    Executive Vice-President
    (204) 474-5200