MONTREAL, July 21, 2022 (GLOBE NEWSWIRE) -- GURU Organic Energy Corp. (TSX: GURU) (“GURU” or the “Company”), Canada’s leading organic energy drink brand, announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by the Company of its intention to make a normal course issuer bid (“NCIB”) with respect to its common shares (the “Shares”).
The notice provides that GURU may, during the 12-month period commencing July 25, 2022, and ending no later than July 24, 2023, purchase up to 500,000 Shares, representing approximately 1.5% of the 32,341,126 Shares outstanding as at July 14, 2022, through the facilities of the TSX or alternative Canadian trading systems, at times and in numbers to be determined by the Company. All shares purchased under the NCIB will be purchased on the open market and in accordance with the rules and policies of the TSX at the prevailing market prices and cancelled.
The average daily trading volume of the Shares on the TSX for the most recently completed six calendar months is 11,440. Pursuant to the rules and policies of the TSX, daily purchases under the NCIB will be limited to 2,860 Shares, representing 25% of the average daily trading volume, except pursuant to certain prescribed exceptions.
GURU’s expansion plans are aimed at growing market share and generating sustainable long-term profitable growth and the great majority of its capital and efforts are allocated to these goals. However, GURU believes that at times, the market price of its Shares may not reflect their full value, and their repurchase in this context represents an appropriate and desirable use of some of the Company’s capital. Decisions regarding the actual number of Shares and timing of any purchases or other actions in connection with the NCIB will be made by GURU based on various factors, including prevailing market conditions and the Company’s capital and liquidity positions. In addition, GURU may from time to time repurchase Shares under an automatic share purchase plan it may enter into with a broker in the future, which would enable purchases during times when GURU would typically not be permitted to purchase Shares due to regulatory or other reasons.
There can be no assurances that GURU will purchase all or any of the number of Shares that are subject to the NCIB referred to in this press release. GURU may also suspend or discontinue the NCIB at any time.
GURU has not repurchased Shares under a NCIB in the last twelve months.
About GURU Products
All GURU energy drinks are plant-based, high in natural caffeine and free of artificial sweeteners, artificial colours, artificial flavours and preservatives. In addition, all drinks are organic, vegan and gluten-free – and the best thing about them is their amazing taste.
GURU Organic Energy Corp. (TSX: GURU) is a dynamic, fast-growing beverage company launched in 1999, when it pioneered the world’s first natural, plant-based energy drink. The Company markets organic energy drinks in Canada and the United States through a distribution network estimated at over 25,000 points of sale, and through guruenergy.com and Amazon. GURU has built an inspiring brand with a clean list of organic plant-based ingredients. Its drinks offer consumers good energy that never comes at the expense of their health. The Company is committed to achieving its mission of cleaning the energy drink industry in Canada and the United States. For more information, go to www.guruenergy.com or follow us @guruenergydrink on Instagram and @guruenergy on Facebook.
For further information, please contact:
|GURU Organic Energy|
Carl Goyette, President and CEO
Ingy Sarraf, Chief Financial Officer
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Such forward-looking statements include, but are not limited to, information with respect to our objectives and the strategies for achieving those objectives, information and statements relating to potential future purchases by GURU of Shares under the NCIB, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking statements are typically identified by the use of words such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, although not all forward-looking statements contain these words. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-looking statements are based on assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Those risks and uncertainties include the following, which are discussed in greater detail under “Risk Factors” in the Company’s Annual Information Form for the year ended October 31, 2021, available on SEDAR at www.sedar.com: management of growth; reliance on key personnel; changes in consumer preferences; significant changes in government regulation; criticism of energy drink products and/or the energy drink market; economic downturn and continued uncertainty in the financial markets and other adverse changes in general economic or political conditions, as well as the COVID-19 pandemic or other major macroeconomic phenomena; global or regional catastrophic events; fluctuations in foreign currency exchange rates; net revenues derived entirely from energy drinks; increased competition; relationships with co-packers and distributors and/or their ability to manufacture and/or distribute GURU’s products; relationships with existing customers; changing retail landscape; increases in costs and/or shortages of raw materials and/or ingredients and/or fuel and/or costs of co-packing; failure to accurately estimate demand for its products; history of negative cash flow and no assurance of continued profitability or positive EBITDA; intellectual property rights; maintenance of brand image or product quality; retention of the full-time services of senior management; climate change; litigation; information technology systems; fluctuation of quarterly operating results; risks associated with the PepsiCo distribution agreement; no assurance of continued profitability or positive EBITDA; and conflicts of interest. Certain assumptions were made in preparing the forward-looking statements concerning availability of capital resources, business performance, market conditions and consumer demand. Consequently, all of the forward-looking statements contained herein are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition, or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein are provided as of the date hereof, and we do not undertake to update or amend such forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
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