Danier Leather Inc.

Danier Leather Inc.

April 19, 2007 13:54 ET

Danier Leather Announces Share Repurchase Plan

TORONTO, ONTARIO--(CCNMatthews - April 19, 2007) - Danier Leather Inc. (TSX:DL) announced today that the Toronto Stock Exchange has accepted a notice filed by the Corporation of its intention to make a normal course issuer bid.

The Corporation currently has 5,328,925 subordinate voting shares issued and outstanding. The notice provides that the Corporation may, during the 12-month period commencing April 23, 2007 and ending April 22, 2008, purchase on the Toronto Stock Exchange up to 320,320 subordinate voting shares, being approximately 10% of the Corporation's public float of 3,203,209 subordinate voting shares. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of subordinate voting shares which may be purchased and the timing of any such purchases will be determined by the Corporation. The Corporation has not purchased any subordinate voting shares during the past 12-month period.

The Corporation believes that the purchase of its subordinate voting shares at prevailing market prices may, from time-to-time, be a worthwhile investment for the Corporation. Subordinate voting shares that are purchased pursuant to the normal course issuer bid will be cancelled by the Corporation, thereby enhancing the remaining shareholders' value by increasing their proportionate interests.

The Corporation's subordinate voting shares are listed on the Toronto Stock Exchange.

About Danier

Danier Leather Inc. is a leading integrated designer, manufacturer, and retailer of high-quality leather and suede clothing and accessories. The Corporation's merchandise is marketed exclusively under the well-known Danier brand name and is available only at its 92 shopping mall, street-front, and power centre stores, or through its corporate sales division. For more information about the Corporation and our products, see www.danier.com.

Note: This press release may contain forward-looking statements that involve risks, estimates and uncertainties. Therefore, actual results may differ materially. Examples of such risks and uncertainties include those associated with product sales, demand for Danier's products, availability of raw materials, foreign sourcing and manufacturing, the class action lawsuit, continued growth of the leather apparel industry, and competition and other associated risks with Danier's business. For an expanded discussion of these and other risks and uncertainties, please see the documents filed by Danier Leather Inc. with the Ontario Securities Commission available on SEDAR at www.sedar.com. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at which, such performance or results will be achieved. Any statements in this press release containing forward-looking information are qualified by these cautionary statements. Danier disclaims any responsibility to update or revise such forward-looking statements whether as a result of new information, future events or otherwise.

Contact Information

  • Investor Relations Contact:
    Danier Leather Inc., Bryan Tatoff
    Senior Vice-President, Chief Financial Officer & Secretary
    (416) 762-8175 ext. 328
    (416) 762-6072 (FAX)
    Email: bryan@danier.com
    Website: www.danier.com