Business & Finance
Business and Finance
Business and Finance
Thu, July 9, 2009
Wed, July 8, 2009 Reko International Group Inc.: Reko International Group to Buy Back Up to 337,943 of Its Common Shares
WINDSOR, ONTARIO--(Marketwire - July 8, 2009) - Reko International Group Inc. (TSX:REK) ("Reko") announced today its intention to make a normal course issuer bid for 337,943 of its outstanding common shares subject to approval by the Toronto Stock Exchange.
The notice provides that Reko may, during the 12 month period commencing July 14, 2009 and ending July 13, 2010, purchase on the Toronto Stock Exchange up to a total of 337,943 of its common shares, being approximately 5% of the outstanding common shares. The price that Reko will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Reko. All purchased shares will be cancelled. During the preceding 12 months, Reko purchased 355,729 shares at an average price of $1.05 per share pursuant to its normal course issuer bid, which expires on July 13, 2009. The average daily trading volume in the previously completed 6 months is 2,285 shares. There are 6,758,863 common shares of Reko currently outstanding as of today.
Reko believes that its common shares have been trading in a price range, which does not reflect their value in relation to Reko's business and its future business prospects. As a result, depending upon future price movements and other factors, Reko believes that its outstanding common shares represent an attractive investment and a desirable use of a portion of its available funds.
Carl A. Merton, C.A., C.B.V. , Chief Financial Officer
Founded in 1976, Reko International Group (TSX:REK) is a highly integrated, technology driven engineering and manufacturing firm providing engineered solutions for the plastics segment of the automotive, aerospace and consumer product markets. In its nine production facilities in Ontario, Reko designs and manufactures precision moulds and other related industrial tooling, in addition to its own proprietary line of CNC machining centres.
REKO INTERNATIONAL GROUP INC.
5390 Brendan Lane
Oldcastle, Ontario
N0R 1L0
[ www.rekointl.com ]
SUBSIDIARIES/DIVISIONS:
Canada:
- Reko Tool & Mould (1987) Inc.
Divisions -
- Reko Automation and Machine Tool
- Concorde Machine Tool
United States:
- Reko International Sales Inc.
- Reko International Holdings Inc.
