BOLTON, Ontario, May 14, 2019 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX VENTURE:TTR) announces it has received approval to undertake, at the Company's discretion, a normal course issuer bid program to purchase up to 1,839,267 of its common shares (the "NCIB").
The Company is commencing the NCIB because it believes that from time to time the market price of its common shares may not fully reflect the underlying value of the Company's business, and that the repurchase of its common shares at those times would be in the best interests of its shareholders.
As of the date hereof, the Company has 36,785,359 common shares issued and outstanding. The maximum number of common shares that may be purchased by the Company under the NCIB represents approximately 5% of the Company's issued and outstanding shares. The Company received acceptance from the TSX Venture Exchange (the "TSXV") to commence the NCIB on May 17, 2019.
The NCIB will terminate on May 16, 2020, or on an earlier date in the event that the maximum number of common shares sought in the NCIB have been repurchased. The Company reserves the right to terminate the NCIB at any time. All common shares purchased pursuant to the NCIB will be returned to treasury and cancelled.
Purchases pursuant to the NCIB are expected to be made through the facilities of the TSXV, or such other permitted means (including through alternative trading systems in Canada), at prevailing market prices or as otherwise permitted by the policies of the TSXV.
The Company has engaged Canaccord Genuity Corp. to act as the broker through which the NCIB will be conducted.
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 475 power units, 1,400 trailers and 600 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed ten asset-based trucking acquisitions since 2011. Titanium has also been ranked by PROFIT magazine as one of Canada's Fastest Growing Companies for ten (10) consecutive years.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding Titanium's current expectations and plans (including the NCIB) relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Investors are cautioned that there is no assurance that any acquisitions will be completed under the NCIB. Forward-looking information may relate to Titanium's future outlook and anticipated events, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Titanium. Particularly, statements regarding future acquisitions, the availability of credit, performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.
Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Titanium Transportation Group Inc.
Ted Daniel, CPA, CA
Chief Executive Officer
Source: Titanium Transportation Group Inc