Glacier - Notice of Intention to renew its normal course issuer bid to purchase
Vancouver, B.C., September 23, 2009 – Glacier Media Inc. (the “Company” or “Glacier”) (TSX:GVC), announced today that it has filed a Notice of Intention to renew its normal course issuer bid to purchase, subject to regulatory approval, up to 2,500,000 common shares (2.7% of the outstanding common shares and 4.0% of the public float) from time to time during the next 12 months.
As of September 14, 2009, there were 92,874,125 common shares issued and outstanding. The purchases may begin September 28, 2009 and will end no later than September 27, 2010. The shares will be purchased for cancellation through the facilities of the TSX at market price. Pursuant to TSX policies, daily purchases made by the Company will not exceed 15,656 common shares (25% of the average daily trading volume of 62,624 common shares on the TSX), subject to certain prescribed exceptions.
In the past 12 months, the Company purchased 413,504 common shares for cancellation at a weighted average price of $2.09 per share pursuant to its existing normal course issuer bid that expires September 25, 2009. Glacier is monitoring risk levels in the context of the recession and is using free cash flow to maintain debt at manageable levels while evaluating acquisitions, share buy-backs and operating investment opportunities within the context of expected returns and related risk profiles. These investments will only be undertaken if debt and operating levels are deemed prudent within the context of the increased risks entailed in a recessionary environment.
Shares in Glacier can be traded on the Toronto Stock Exchange under the symbol GVC. For further information please contact Mr. Orest Smysnuik at 604-872-8565.
Glacier Media Inc. is an information communications company focused on expanding across North America through both internal growth and the strategic acquisition of information communications companies that provide essential information and related services through print, electronic and online media in the local newspaper, trade and business and professional information markets.
Forward Looking Statements
Certain statements in this press release are not historical and may constitute forward-looking statements reflecting financial performance. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Forward-looking statements are based on management’s estimates, beliefs and opinions on the date the statements are made. Glacier assumes no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect Glacier’s financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.