SunOpta Obtains Regulatory Approval to Buy-Back up to 5% of Outstanding Common Shares
TORONTO, Apr 12, 2005 -- SunOpta Inc. (Nasdaq:STKL)(TSX:SOY) announced today that The Toronto Stock Exchange has accepted notice of its intention to purchase for cancellation, by way of a normal course issuer bid, up to 2,813,000 (or approximately 5%) of its issued and outstanding common shares, as of March 31, 2005, in the open market through the facilities of the Toronto Stock Exchange and NASDAQ. Purchases will be made in accordance with applicable rules of the TSX and requirements of the U.S. Securities and Exchange Commission and at the prevailing market price at the time of purchase. No specific number of shares to be acquired has been established. However, purchases will not exceed 2% of the outstanding common shares in any 30 day period. The issuer bid will commence on April 14, 2005 and will expire no later than April 13, 2006.
SunOpta believes that the common shares are undervalued at current market prices based on its current earnings and future prospects and that such repurchase of common shares is a worthwhile investment and in the best interests of both SunOpta and its shareholders. To the knowledge of SunOpta, no insider will receive any direct benefit from the issuer bid nor does any insider intend to sell shares of SunOpta during the course of the issuer.
As of the close of business on March 31, 2005, SunOpta had 56,270,630 common shares issued and outstanding.
SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food markets. For the last six consecutive years, SunOpta was included in Profit magazine's 'Profit 100' list of the 100 fastest growing companies in Canada. The company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Opta Minerals Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the StakeTech Steam Explosion Group that engineers and markets clean pulping systems using patented steam explosion technology. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.
SOURCE: SunOpta Inc.
SunOpta Inc.
Jeremy N. Kendall, Steve Bromley,
John Dietrich, Susan Wiekenkamp, 905-455-2528, ext 103
swiekenkamp@sunopta.com
Website: www.sunopta.com