CALGARY, Oct. 3, 2019 /CNW/ - Strad Inc. ("Strad" or the "Company") (TSX: SDY) today announced an update on the status of the Company's Normal Course Issuer Bid ("NCIB"). Under the current NCIB, the Company today purchased 1,686,224 class A shares ("Common Shares") at $1.60. This purchase is pursuant to the block purchase exemption available under the rules of the Toronto Stock Exchange.

The NCIB commenced on November 28, 2018, and as of today, Strad has invested $3.6 million repurchasing for cancellation an aggregate of 2,332,371 Common Shares at an average cost of $1.55 per share. Strad may purchase up to an additional 1,734,834 Common Shares until the end of the program on November 27, 2019, and expects to continue to do so, subject to available excess cash flow and trading restrictions that may arise from time to time due to ongoing corporate activities. 

Strad believes that from time to time the market price of the Common Shares may not reflect their underlying value and that, at such times, the purchase of Common Shares for cancellation may represent an opportunity to enhance shareholder value. Strad intends to use the NCIB to enhance total long-term shareholder returns in conjunction with management's strategic focus on growing the Company's Industrial Matting business.

ABOUT STRAD
Strad specializes in industrial matting and equipment rentals for projects of any size, from a network of branches across Canada and the United States. Strad aims to exceed customer expectations in many industrial sectors, including Pipeline, Oil & Gas, Transmission & Distribution, and Construction.  

Strad is headquartered in Calgary, Alberta, Canada.  Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".

Caution Regarding Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This information includes, but is not limited to Strad's intentions with respect to the NCIB and including expectations related to additional purchases thereunder.  Although Strad believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Strad can give no assurance that they will prove to be correct.  Since forward-looking statements address future events and conditions by their very nature they involve inherent risks and uncertainties.  Actual results could defer materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in Strad's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and Strad undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Strad Inc.

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