The Forzani Group Ltd./Le Groupe Forzani Ltee
TSX : FGL

The Forzani Group Ltd./Le Groupe Forzani Ltee

April 09, 2009 07:00 ET

The Forzani Group Ltd. Renews Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - April 9, 2009) - The Forzani Group Ltd. (TSX:FGL) (the "Company") today announced that the Toronto Stock Exchange (the "TSX") has accepted its application to renew its normal course issuer bid (the "Bid") to purchase, from April 14, 2009 to April 13, 2010, certain of its outstanding Class "A" shares (the "Common Shares"). All purchases will be made through the facilities of the TSX.

As at April 9, 2009, there were 30,468,045 Common Shares issued and outstanding. During the most recent normal course issuer bid, which commenced March 28, 2008 and expired March 27, 2009, the Company purchased 2,694,376 Common Shares, at an average price of $16.35.

The number of Common Shares which may be purchased during the period of the Bid will not exceed 2,406,506 Common Shares, which is approximately 10% of the public float of the Company. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the Bid more than 17,026 Common Shares, being 25% of the average daily trading volume of the Common Shares on the TSX for the previous six calendar months of 68,106 Common Shares per day.

The Bid has been put in place because the Company believes that the Common Shares are a good investment for the Company in the context of equity market conditions. All Common Shares purchased through the Bid will be returned to treasury for cancellation.

The Forzani Group Ltd. is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Coast Mountain Sports, Sport Mart, National Sports, Athletes World, Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop/Pegasus, Nevada Bob's Golf, Hockey Experts, S3 and Fitness Source. The Company also has websites for several of its corporate and franchise banners, which can be accessed through its main website at www.forzani.com.

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the Bid, operations, business, financial condition, priorities, targets, ongoing objectives, strategies and outlook of the Company.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

The Company does not undertake to update any forward-looking information. Additional information about the risks and uncertainties about the Company's business is provided in its disclosure materials, including its annual information form, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

Contact Information

  • The Forzani Group Ltd.
    Robert Sartor, CA
    Chief Executive Officer
    (403) 717-1342
    or
    The Forzani Group Ltd.
    Michael Lambert, CA
    Chief Financial Officer
    (403) 717-1666
    or
    The Forzani Group Ltd.
    Richard Burnet, CA
    Sr. VP, Finance & Administration
    (403) 717-1442
    Website: www.forzanigroup.com