Toromont Industries Ltd.
TSX : TIH

Toromont Industries Ltd.

August 15, 2005 17:39 ET

Toromont Industries Ltd.-Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Aug. 15, 2005) - Toromont Industries Ltd. (TSX:TIH) announced today that it has filed with the Toronto Stock Exchange a notice of intention to make a normal course issuer bid for certain of its common shares through the facilities of the Toronto Stock Exchange. Under this notice, Toromont is entitled to purchase up to 3,167,284 of its common shares during the 12-month period commencing August 31, 2005 and ending August 30, 2006. Toromont currently has 63,345,696 common shares issued and outstanding. The shares that may be purchased under this issuer bid represent approximately 5% of Toromont's issued and outstanding common shares. The actual number of shares which may be purchased and the timing of any such purchases will be determined by Toromont. All shares purchased under this issuer bid will be cancelled.

Toromont believes that from time-to-time the purchase of its common shares at prevailing market prices may be a worthwhile investment and in the best interests of both Toromont and its shareholders. During the past 12 months, 274,000 common shares were purchased for cancellation by Toromont at an average price of $18.78.

Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the world's largest Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. The Compression Group is a North American leader specializing in the design, engineering, fabrication, and installation of compression systems for natural gas, fuel gas and carbon dioxide in addition to process systems and industrial and recreational refrigeration systems. Both groups offer comprehensive product support capabilities. Toromont employs approximately 4,000 people in more than 110 locations. This press release and more information about Toromont Industries can be found on the Web at www.toromont.com.

Contact Information

  • Toromont Industries Ltd.
    Wayne S. Hill
    Executive Vice President and Chief Financial Officer
    (416) 667-5776
    www.toromont.com