|By Marketwired .||
|November 22, 2012 04:45 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/22/12 -- Changfeng Energy Inc., (TSX VENTURE:CFY) ("Changfeng" or the "Company"), today announced that it has received approval from the TSX Venture Exchange (the "Exchange") in respect of the Company's intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 3,000,000 common shares (the "Common Shares") of the Company's capital, representing less than 5% of the issued and outstanding Common Shares as of November 20, 2012.
The Bid will commence on or about November 27, 2012 and will terminate on or about the earlier of November 26, 2013 and the date on which the Company has acquired the number of Common Shares sought in the Bid. The Company reserves the right to terminate the Bid earlier as it deems advisable. All Common Shares acquired under the Bid will be returned to treasury for cancellation. Common Shares will be purchased in the open market through the facilities of the Exchange, on behalf of the Company by the its broker, National Bank Financial, at the prevailing market price of such Common Shares on the Exchange at the time of such purchase and in accordance with the Exchange requirements.
In the opinion of the board of directors, the value of the Company, based on anticipated cash flow and underlying asset value, is greater than the present aggregate market value of the Common Shares. As such, the Board believes that such purchases are in the best interests of the Company and are a desirable use of corporate funds.
About Changfeng Energy Inc.
Changfeng Energy Inc., is a local natural gas distribution company ("LDC" or natural gas utility) with operations located throughout the southern part of People's Republic of China. The Company serves industrial, commercial and residential customers, providing them with natural gas for heating purposes and fuel for transportation. The Company has developed a significant natural gas pipeline network as well as urban gas delivery networks, stations, substations and gas pressure regulating stations in Sanya City & Haitang Bay. Through its network of pipelines, the Company provides safe and reliable delivery of natural gas to both homes and businesses. The Company is headquartered in Toronto, Ontario and its shares trade on the TSX Venture Exchange under the trading symbol "CFY". For more information, please visit the Company website at www.changfengenergy.com.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.