Grey Horse Corporation
TSX : GHC

Grey Horse Corporation

September 15, 2008 15:40 ET

Grey Horse Corporation: Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2008) - Grey Horse Corporation ("Grey Horse")(TSX:GHC) announced today that it has filed with the Toronto Stock Exchange (the "TSX") a notice of its intention to amend the terms of its normal course issuer bid (the "NCIB") for its common shares ("Common Shares") through the facilities of the TSX (the "Amended Notice") in order to increase the maximum number of Common Shares that may be purchased pursuant to the NCIB by 116,598 Common Shares.

The Amended Notice provides that Grey Horse may, during the twelve-month period which commenced on January 21, 2008 and will end on January 20, 2009, purchase on the TSX up to 450,359 Common Shares, being approximately 10% of the "public float" (as defined in the policies of the TSX) on January 7, 2008, the date that the original Notice of Intention to make a Normal Course Issuer Bid was filed with the TSX. The price that Grey Horse will pay for any such Common Shares will be the market price at the time of acquisitions and any Common Shares purchased under the NCIB will be cancelled. The actual number of Common Shares that may be purchased and the timing of any such purchase will be determined by Grey Horse. As of May 20, 2008, 333,700 Common Shares had been purchased under the NCIB at an average price of $8.02 per share.

Grey Horse considers the filing of the Amended Notice to be in the best interests of the Corporation and its shareholders. Grey Horse believes that, from time to time, the market price of its Common Shares may not fully reflect the underlying value of its business and its future business prospects. Grey Horse believes that, in such circumstances, the outstanding Common Shares represented an attractive investment for Grey Horse, since a portion of the Corporation's excess cash generated on an annual basis can be invested for an attractive risk adjusted return on capital through the issuer bid.

About Grey Horse

Through its wholly owned subsidiaries, Grey Horse provides transfer agent, corporate trust, corporate secretary, foreign exchange and limited market dealer services to corporations in North American capital markets. Learn more at www.greyhorsecorp.com.

Certain information included in this press release may be forward-looking and involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with Grey Horse's growth, the state of the financial markets, regulatory risks and other factors. Unless otherwise required by applicable securities laws, Grey Horse disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about potential factors that could affect Grey Horse's financial and business results is included in public documents Grey Horse files from time to time with Canadian securities regulatory authorities.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Grey Horse Corporation
    Kevin Reed
    President & CEO
    (416) 361-0930
    or
    Grey Horse Corporation
    Paul G. Smith
    EVP & CFO
    (416) 361-0930
    Website: www.greyhorsecorp.com