May 20, 2010 13:58 ET

Intertape Polymer Group Announces Start of Normal Course Issuer Bid

MONTREAL, QUEBEC and BRADENTON, FLORIDA--(Marketwire - May 20, 2010) - Intertape Polymer Group Inc. (TSX:ITP) announces that the Toronto Stock Exchange has approved Intertape's normal course issuer bid. Under the normal course issuer bid, Intertape is entitled to repurchase for cancellation up to 2,947,552 common shares over the twelve-month period starting on May 26, 2010 and ending on May 25, 2011, representing 5% of Intertape's issued and outstanding common shares as of May 20, 2010. The purchases by Intertape will be effected through the facilities of the Toronto Stock Exchange and all other applicable exchanges or trading systems in Canada and will be made at the market price of the common shares at the time of the purchase. There are 58,951,050 Intertape common shares issued and outstanding.

During the most recently-completed six months, the average daily trading volume for Intertape's common shares on the TSX was 59,221 shares. Consequently, under the requirements of the TSX, Intertape will have the right to repurchase, during any one trading day, a maximum of 14,805 common shares, representing 25% of the average daily trading volume. In addition, Intertape may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of Intertape, in accordance with the requirements of the TSX.

The Board of Directors of Intertape considers that the repurchase of shares at certain market prices constitutes an appropriate use of financial resources and will be beneficial to Intertape and its shareholders.

Any purchases made pursuant to the normal course issuer bid will be made in accordance with the requirements of the Toronto Stock Exchange. Intertape will make no purchases of common shares other than open market purchases during the period of the normal course issuer bid. To the knowledge of Intertape, no director or officer of Intertape intends to sell Intertape shares while the normal course issuer bid is in effect.

During the last twelve months, Intertape did not purchase any shares pursuant to a normal course issuer bid.

About Intertape Polymer Group

Intertape Polymer Group is a recognized leader in the development and manufacture of specialized polyolefin plastic and paper based packaging products and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida, the Company employs approximately 2,000 employees with operations in 16 locations, including 13 manufacturing facilities in North America and one in Europe.

Safe Harbor Statement

Certain statements and information included in this press release constitute forward-looking information within the meaning of applicable Canadian securities legislation and the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to the Company's future outlook and anticipated events, the Company's business, its operations, financial condition or results. Particularly, statements about the Company's objectives and strategies to achieve those objectives are forward-looking statements. While these statements are based on certain factors and assumptions which management considers to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. The risks include, but are not limited to, the factors contained in the Company's filings with the Canadian securities regulators and the U.S. Securities and Exchange Commission. While the Company may elect to, it is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time.

Contact Information

  • MaisonBrison
    Rick Leckner