TORONTO, ON–(Marketwired – June 26, 2017) – ECN Capital Corp. (“ECN Capital” or the “Company”) today announced that it intends to file a notice of intention with the Toronto Stock Exchange (the “TSX”) to commence a normal course issuer bid (the “Bid”) for its common shares. If this notice is accepted by the TSX, the Bid would permit the Company to repurchase for cancellation, at its discretion during the 12 months following such acceptance, up to 10% of the “public float” (calculated in accordance with the rules of the TSX) of the Company’s issued and outstanding common shares. All purchases of common shares under the Bid will be made on the open market or as otherwise permitted subject to the terms and limitations to be applicable to the Bid.
The actual number of common shares, if any, that may be repurchased under the Bid, and the timing of any such repurchases, will be determined by ECN Capital, subject to the limitations imposed by the TSX. There cannot be any assurance as to how many common shares, if any, will ultimately be acquired by ECN Capital.
The Company believes that the Bid will be in the best interest of the Company and constitutes a desirable use of its funds. “I remain very confident in our growth strategy and our ability to successfully redeploy capital. However, this NCIB will enable ECN to opportunistically purchase shares in circumstances where management believes market conditions are favourable for repurchase and pricing represents an optimal use of the company’s capital,” said Steven Hudson, ECN Capital’s CEO.
About ECN Capital Corp.
With total owned and managed assets of more than $4.6 billion, ECN Capital Corp. (TSX: ECN) is one of North America’s leading commercial finance companies. ECN Capital operates across North America in three verticals of the commercial finance market (Rail Finance, Commercial & Vendor Finance, and Commercial Aviation Finance).
Forward-looking Statements
This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include but, are not limited to, the filing of a notice of intention to commence the Bid with the TSX, TSX acceptance of the Bid and future purchases of Common Shares under the Bid. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the equipment finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital’s Annual Information Form dated March 30, 2017 and ECN Capital’s March 31, 2017 MD&A each of which has been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact:
John Wimsatt
647-649-4634
[email protected]
