CALGARY, ALBERTA--(Marketwired - Jan. 6, 2017) - DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") (TSX:DRT), a leading technology-enabled designer, manufacturer and installer of fully customized, prefabricated interiors, today announced that it has obtained approval of the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid (the "NCIB") with respect to its common shares (the "Common Shares"). The NCIB will commence on January 10, 2017 and will terminate on the earlier of January 9, 2018, the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB or date on which the NCIB is terminated.
Under the NCIB, the Company may, over a 12-month period commencing on January 10, 2017, purchase in the normal course through the facilities of the TSX up to 7,141,021 Common Shares, such amount representing 10% of the public float of the Common Shares and approximately 8% of the 84,878,891 issued and outstanding Common Shares. Furthermore, subject to certain exemptions for block purchases, the maximum number of Common Shares that the Company may acquire on any one trading day is 37,139 Common Shares, such amount representing 25% of the average daily trading volume of the Common Shares of 148,556 for the six calendar months prior to the start of the NCIB. All Common Shares purchased by the Company under the NCIB will be cancelled.
DIRTT believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such time the purchase of the Common Shares represents attractive investment value and would be in the best interests of DIRTT and its shareholders.
The Company has engaged National Bank Financial Ltd. to act as broker and to administer the NCIB.
DIRTT Environmental Solutions (Doing it Right This Time) uses its proprietary 3D software to design, manufacture and install fully customized prefabricated interiors. The Company's customers in the corporate, government, education and healthcare sectors benefit from DIRTT's precise design and costing; rapid lead times with the highest levels of customization and flexibility; and faster, cleaner construction.
DIRTT's manufacturing facilities are in Phoenix, Savannah, Kelowna and Calgary. DIRTT's team supports nearly 100 Distribution Partners throughout North America, the Middle East and Asia. DIRTT trades on the Toronto Stock Exchange under the symbol "DRT." For more information visit www.dirtt.net.
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's expectations or intentions regarding potential future purchases of Common Shares. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Company's periodic filings with Canadian securities regulators. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.