Primary Corp.
TSX VENTURE : PYC

Primary Corp.

April 27, 2010 20:13 ET

Primary Corp. to Commence Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - April 27, 2010) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Primary Corp. (TSX VENTURE:PYC) ("Primary") announced today that the TSX Venture Exchange (the "Exchange") has accepted a notice filed by Primary of its intention to make a normal course issuer bid (the "Bid") for the common shares of Primary.

The notice provides that Primary may, during the 12 month period commencing May 3, 2010 and ending May 2, 2011, purchase for cancellation up to 2,352,148 of the outstanding common shares of Primary, representing approximately 10% of the Public Float (as that term is defined in the policies of the Exchange) of Primary as at April 26, 2010. The price at which Primary will pay for any of its common shares under the Bid will be the prevailing market price of such common shares on the Exchange at the time of such purchase. The purchases will be made through the facilities of the Exchange. The brokerage firm conducting the Bid on behalf of Primary is Haywood Securities Inc. In accordance with the policies of the Exchange, purchases of the common shares of Primary under the Bid will not, when aggregated with all other purchases by Primary in the preceding 30 days, exceed 2% of the outstanding common shares of Primary at the time the purchases are made.

Primary is making the Bid as it is of the view that its common shares have been trading at a price that does not adequately reflect the asset value and future business prospects of Primary. To the extent that Primary purchases its common shares in accordance with the Bid the holdings of remaining shareholders will represent an increased proportion of the common shares of Primary outstanding and, all other things remaining equal, will result in an increased net asset value per common share.

About Primary Corp.

Primary Corp is a diversified venture capital and merchant banking firm focused on the small cap market. It seeks to make equity investments and bridge loans in appropriate companies. Primary is listed on the TSX Venture Exchange under the trading symbol: "PYC".

Forward-looking Information: This press release may contain forward-looking information (within the meaning of applicable Canadian securities laws), including, but not limited to, statements with respect to the number of common shares of Primary that may be purchased pursuant to the Bid, Primary's net asset value and any effect that such purchases may have on Primary's net asset value. In connection with such forward-looking information, Primary has made certain assumptions about its business and the economy in general and has also assumed that no significant events occur outside of its normal course of business. Readers are cautioned not to place undue reliance on the forward-looking information in this press release because a number of factors, known and unknown, could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information, including, but not limited to, general economic conditions; interest rate changes; availability of financing; the performance of the common shares of the Corporation or the stock exchanges generally; and other risks identified in Primary's annual information form under the heading "Risk Factors". Although Primary has attempted to identify material factors that could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information, there may be other factors that could cause results to differ from what is anticipated, estimated or intended, and there can be no assurance that forward-looking information will prove to be accurate. All forward-looking information contained in this press release is given as of the hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Except as required under applicable laws, Primary undertakes no obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Primary Corp.
    Rob Pollock
    President and Chief Executive Officer
    416-214-9672