Immunotec Announces Normal Course Issuer Bid
APR 30, 2012 - 11:17 ET
FOR: IMMUNOTEC INC.
VAUDREUIL-DORION, QUEBEC--(Marketwire - April 30, 2012) - Immunotec Inc. (TSX VENTURE:IMM) announced today that it has received approval from the TSX Venture Exchange (the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 1,000,000 of its issued and outstanding Common Shares (being approximately 1.43% of the 70,026,313 Common Shares outstanding at April 18, 2012). Purchases will be made on the open market through the facilities of the Exchange. National Bank Financial will conduct the Bid on behalf of Immunotec. The price which Immunotec will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase.
The Bid will commence on May 4, 2012 and will terminate on April 30, 2013, or such earlier time as the applicable Bid is completed or at the option of Immunotec. Any shares acquired by Immunotec pursuant to the bid will be cancelled.
The Board of Directors of Immunotec believe that the current and recent market prices of Immunotec's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be potentially advantageous to, all remaining shareholders. The normal course purchases will also provide easier access to liquidity to Immunotec shareholders who would like to dispose of their shares.
About Immunotec Inc.
Immunotec is a world class business opportunity supported by unique scientifically proven products that improve wellness. Headquartered with manufacturing facilities near Montreal, Canada, the Company also has distribution capacities to support its commercial activities in Canada and internationally to the United States, Europe, Mexico and The Caribbean.
The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.
VP and Chief Financial Officer