Enerflex Systems Income Fund

Enerflex Systems Income Fund

December 01, 2005 23:59 ET

Enerflex Systems Ltd. Announces Normal Course Issuer Bid

CALGARY--(CCNMatthews - Dec. 1) - The Corporation has filed a Notice of Intention to make a Normal Course Issuer Bid with the Toronto Stock Exchange (the "Exchange") pursuant to which the Corporation has indicated that it intends, subject to receipt of regulatory approval, to make a normal course issuer bid for certain of its outstanding Common Shares of the Corporation (the "Shares") on the terms set forth in the Notice. At the time of filing the Notice, the board of directors of the Corporation was of the belief, and continues to be of the belief, that the purchase of the Shares from time to time at appropriate prices will minimize any dilution resulting from the exercise of stock options to purchase Shares and is an advantageous use of the Corporation's funds.

On November 30, 2005, 22,606,270 Shares were outstanding. Under the rules of the Exchange, in the period commencing on December 5, 2005 and ending on December 4, 2006 the Corporation may acquire up to 1,130,313 Shares of the Corporation, being 5% of the Shares outstanding at November 30, 2005. The board of directors, in approving the Normal Course Issuer Bid specified an upper limit to the number of shares which the Corporation may acquire equal to the maximum 5% allowed under the rules set by the Exchange. As such, the maximum amount that will be acquired will be determined by market conditions, alternative uses of capital within the Corporation and the 5% limit set by the rules of the Exchange.

Any Shares purchased pursuant to the Notice will be cancelled. Shares will be purchased at the market price of the Shares at the time of purchase and will be purchased on behalf of the Corporation by a registered investment dealer through the facilities of the Exchange. The funding for any purchase of Shares pursuant to the normal course issuer bid will be financed out of working capital of the Corporation.

The Corporation has not purchased any Shares during the 12 month period preceding the date hereof.

A copy of the Notice may be obtained by any shareholder without charge, by contacting the Secretary of the Corporation at the head office of the Corporation.

Enerflex Systems Ltd. is a leading supplier of products and services to the global oil and gas production industry. Our core expertise lies between the wellhead and the pipeline. Enerflex provides natural gas compression, power generation and process equipment for sale or lease, hydrocarbon production and processing facilities, electrical, instrumentation and controls services and a comprehensive package of field maintenance and contracting capabilities. Through our ability to provide these products and services in an integrated manner, or as standalone offerings, Enerflex offers its customers a unique value proposition.

Headquartered in Calgary, Canada, the Company has approximately 2,400 employees and operations in Canada, Australia, the Netherlands, Indonesia, the United States, Pakistan and Germany. The Company's shares trade on the Toronto Stock Exchange under the symbol EFX.

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