CALGARY, ALBERTA--(Marketwire - Aug. 3, 2012) - Logan International Inc. (TSX:LII) ("Logan" or the "Company") announced today that it has filed with the Toronto Stock Exchange ("TSX") a Notice of Intent to make a normal course issuer bid ("NCIB") to purchase a portion of its common shares ("Common Shares") by way of Normal Course Purchases effected through the facilities of the TSX. The normal course issuer bid will be made in accordance with the requirements of the TSX. Subject to approval of the TSX, it is anticipated that Logan may begin purchases under the program on August 8, 2012 and will terminate purchases on August 7, 2013, or on such earlier date as Logan may complete its purchases pursuant to the Notice of Intention.
Logan currently has 33,420,993 Common Shares issued and outstanding. Under the normal course issuer bid, Logan is entitled to purchase up to 1,671,049 Common Shares, representing 5% of its outstanding Common Shares and intends to initially purchase 400,000 shares, or 1.2% of the outstanding Common Shares under the NCIB. Excluding block purchase transactions, the Company is allowed to purchase 25% of the average daily trading volume of 5,746, or 1,449 Common Shares per day. The price that Logan will pay for any Common Shares will be the market price of such Common Shares at the time of acquisition. All Common Shares purchased under this normal course issuer bid will be cancelled. In connection with the normal course issuer bid program, Logan intends to enter into an automatic purchase plan with its designated broker to allow for purchases of its Common Shares during certain pre-determined black-out periods subject to certain parameters as to price and number of shares. Outside of these pre-determined black-out periods, shares will be repurchased in accordance with management's discretion, subject to applicable law. Logan believes that the purchase of its Common Shares at prevailing market prices would be in the best interests of both Logan and an appropriate use of corporate funds in light of potential benefits to shareholders.
David Barr, President and Chief Executive Officer, stated, "We expect Logan will generate cash in excess of our operating and investment requirements. The Board's decision to repurchase shares underscores the Company's commitment to enhance long-term shareholder value, reinforces management's confidence in the Logan's future and confirms the Company's financial strength. "
Logan manufactures and sells a comprehensive line of quality fishing and intervention tools, including retrieving, surface, stroking and remedial tools for a variety of well workover, intervention, drilling, and completion activities (Logan Oil Tools, Inc.); manufactures and sells high-performance poly-crystalline diamond compact (PDC) cutters and bearings (Dennis Tool Company); manufactures and sells packers, bridge plugs, and other completion products (Kline Oilfield Equipment, Inc.); provides proprietary multi-zonal completion technology and conventional completion production products and services (Logan Completion Systems Inc.); provides proprietary and patented products and services that are focused on production optimization in sand-laden heavy oil wells (Scope Production Development); and provides proprietary tools that enhance the effectiveness of horizontal drilling (Xtend Energy Services Inc.). Common shares of Logan are traded on the Toronto Stock Exchange (TSX) under the ticker symbol "LII".
This press release contains forward-looking statements. These statements relate to future events or future performance of Logan. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan's current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Readers are referred to Logan's Annual Information Form filed on www.sedar.com which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.
For more information about Logan International Inc., please visit our website at www.loganinternationalinc.com.