ONEnergy Inc. Announces Normal Course Issuer Bid
TORONTO, ONTARIO--(Marketwired - Oct. 7, 2015) - ONEnergy Inc. ("ONEnergy" or the "Corporation") (TSX VENTURE:OEG), a fast-growing, dynamic energy management firm serving commercial, industrial, multi-residential and residential customers in Canada and the U.S. via its ONEnergy™ and Sunwave™-branded energy and energy-efficiency businesses today announced its intention to make a Normal Course Issuer Bid ("NCIB") to repurchase its common shares through the facilities of the TSX Venture Exchange ("Exchange"). ONEnergy's NCIB has received Exchange approval.
Under the terms of the Exchange-approved NCIB the maximum number of common shares that may be purchased by ONEnergy is that number of common shares representing 5.00% of the common shares of the Corporation issued and outstanding as at the date that the Exchange approved the NCIB. Based on the 24,182,507 common shares issued and outstanding as at October 7, 2015, the maximum number of shares that may be purchased under the NCIB is 1,209,125.
Although ONEnergy intends to purchase common shares under its NCIB, there can be no assurances that any such purchases will be completed. Such purchases, if any, may commence on October 12, 2015 and will terminate on October 7, 2016, or on such earlier date as ONEnergy may complete its purchases pursuant to the NCIB or provides notice of termination. Any such purchases will be made in accordance with the rules of the Exchange by ONEnergy at the prevailing market price at the time of acquisition and through the facilities of the Exchange. ONEnergy intends that any shares acquired pursuant to the NCIB will be cancelled. ONEnergy has not previously repurchased any of its common shares during the twelve months preceding the date of the notice of the NCIB filed with the Exchange. The common share purchases by ONEnergy, if any, will be made through Paradigm Capital Inc.
ONEnergy has initiated this NCIB as it believes that its common shares have been trading in a price range that does not adequately reflect the underlying value of such shares in relation to the business of ONEnergy and its future business prospects. As a result, depending upon future price movements and other factors, ONEnergy believes that its outstanding common shares may represent an attractive investment to ONEnergy.
About ONEnergy Inc.
ONEnergy is a fast-growing, dynamic energy management firm serving commercial, industrial, multi-residential and residential clients via its ONEnergy™ and Sunwave™-branded energy and energy-efficiency businesses. Sunwave specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. We provide a variety of products and services including energy-efficient heating, cooling and air-conditioning equipment, standalone and solar PV-integrated energy storage systems, complete turnkey LED lighting retrofits, supply of conventional and "green" electricity for homes and businesses, commercial solar PV installations, building envelope upgrades, energy audits and more to help our customers conserve, simplify and effectively manage their energy costs.
Sunwave serves customers in both Canada and the United States, with offices in Toronto, Vancouver, Ottawa, and Norwalk, CT. ONEnergy common shares are listed on the TSX Venture Exchange under the symbol "OEG".
ONEnergy's corporate website may be found at www.onenergyinc.com and you can learn more about Sunwave's offerings at www.gosunwave.com. Follow us on Twitter at @gosunwave and @onenergyinc or Facebook at www.facebook.com/gosunwave.
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(October 7, 2015 - 4:00 PM EDT)
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