Far West Industries, makers of Concept snowboard clothing, announced today that it has filed with The Toronto Stock Exchange a notice of intention to make a normal course issuer bid for certain of its common shares. Under this notice, the Company is entitled to purchase up to 230,720 common shares during the one-year period commencing January 31, 2000 and ending on January 30, 2001.
The Company has 4,614,419 common shares outstanding. The shares that may be purchased under this issuer bid represent approximately 5% of the Company’s outstanding common shares.
Under the terms of the Toronto Stock Exchange Rules, in any 30-day period, Far West may not purchase more than 2% of the shares outstanding. The actual number of shares which may be purchased and the timing of any such purchases will be determined by the Company. All shares purchased under the issuer bid will be cancelled.
Far West believes that from time to time the purchase of its Common Shares at prevailing market prices may be a worthwhile investment and in the best interests of both the Company and its shareholders. During the past 12 months, none of the shares of the Company have been purchased by the Company.
Far West Industries Inc. (TSE, CDNX-FWT) designs, manufactures and distributes quality sportswear, Gore-Tex(R) outerwear, CONCEPT snowboard apparel, and VALID skiwear. Located in Vernon, B.C., Far West’s products are sold in Canada, the United States, Japan, Korea, Australia, New Zealand and Europe.