North Plains, Oregon January 17, 2012 - Jewett-Cameron
Trading Company Ltd. ("Jewett-Cameron")
(NASDAQ:JCTCF; TSX:JCT) today is pleased to announce that its
Board of Directors has authorized the implementation of a
share repurchase plan to purchase for cancellation up to
300,000 common shares through facilities of the NASDAQ Stock
Market ("NASDAQ"). This amount represents approximately 16%
of the approximately 1.9 million common shares outstanding.
During 2010 and 2011, the Company repurchased 532,520 shares
under prior formal plans of repurchase.
Transactions may involve the Jewett-Cameron Trading Company
Ltd. Employee Stock Ownership Plan. Transactions may also
involve Jewett-Cameron insiders or their affiliates executed
in compliance with Jewett-Cameron's Insider Trading
Policy.
The share repurchase plan will be effected in accordance with
Rule 10b-18 under the U.S. Securities Exchange Act of 1934,
which contains restrictions on the number of shares that may
be purchased on a single day, subject to certain exceptions
for block purchases, based on the average daily trading
volumes ("ADTV") of Jewett-Cameron's shares on
NASDAQ. Purchases shall be limited to one "Block" purchase
per week in lieu of the 25% of ADTV limitation for compliance
with Rule 10b-18(b)(4). A "block" as defined under Rule
10b-18(a)(5) means a quantity of stock that, among other
things, is at least 5,000 shares and has a purchase price of
at least US$50,000.
This share repurchase plan may commence on January 23, 2012
and will remain in place until May 18,
2012 but may be limited or terminated at any time without
prior notice.
The share repurchase program was approved by the
Company's Board of Directors as part of its ongoing
consideration of alternative ways to leverage the Company's
strong cash position. The Board of Directors believes that a
share repurchase program at this time is in the best
interests of the Company and its shareholders, and will not
impact the Company's ability to execute its growth
plans.
Jewett-Cameron Trading Company Ltd. was incorporated in
British Columbia on July 8, 1987 as a holding company for
Jewett-Cameron Lumber Corporation ("JCLC"), incorporated
September 1953. Jewett-Cameron Trading Company, Ltd. acquired
all the shares of JCLC through a stock-for-stock exchange on
July 13, 1987, and at that time JCLC became a wholly owned
subsidiary. JCLC has the following wholly owned subsidiaries.
MSI-PRO Co. ("MSI"), incorporated April 1996, Jewett-Cameron
Seed Company, ("JCSC"), incorporated October 2000, and
Greenwood Products, Inc. ("Greenwood"), incorporated February
2002. Jewett-Cameron Trading Company, Ltd. and its
subsidiaries (the "Company") have no significant assets in
Canada.
The Company, through its subsidiaries operates out of
facilities located in North Plains, Oregon and the vicinity
of Portland, Oregon. JCLC's business consists of warehouse
distribution and direct sales of wood products and specialty
metal products to home centers and other retailers located
primarily in the United States. Greenwood is a processor and
distributor of industrial wood and other specialty building
products principally to customers in the marine and
transportation industries in the United States. MSI is an
importer and distributor of pneumatic air tools and
industrial clamps in the United States. JCSC is a processor
and distributor of agricultural seeds in the United States.
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements,
other than statements of historical facts, included in this
press release regarding our strategy, future operations,
future financial position, future revenues, certain
statements and expectations regarding the asset acquisition,
projected costs, prospects, plans and objectives of
management are forward-looking statements. We may not
actually achieve the plans, intentions or expectations
disclosed in our forward-looking statements and you should
not place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the
plans, intentions and expectations disclosed in the
forward-looking statements we make. There are a number of
important factors that could cause Jewett-Cameron's actual
results to differ materially from those indicated by such
forward-looking statements which are described in the "Risk
Factors" section of our most recent periodic report and
registration statement filed with the SEC. We disclaim any
intention or obligation to update any forward-looking
statements.
For further information, contact: Donald Boone
President/CEO, Jewett-Cameron Trading Company Ltd.
(503) 647-0110
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