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Savaria Corporation: Savaria Corporation Announces Amended Amount of Common Shares to Be Purchased and New Expiry Date of Issue

^{Published on 2009-09-03 04:13:36 - Market Wire}
 

LAVAL, QUEBEC--(Marketwire - Sept. 2, 2009) - Savaria Corporation ("Savaria" or the "Company") (TSX:SIS), the second largest company in the accessibility industry in North America, today announced the variation of its offer for up to 4,000,000 common shares of the Corporation (14.8% of the issued and outstanding common shares) at a price of C$0.90 per share ("Issuer Bid'). The Issuer Bid is being amended to allow Savaria to purchase up to 5,000,000 common shares with a new expiry date of the Issuer Bid of September 14, 2009 at 5:00 p.m. Eastern time. The previous expiry date was 5:00 p.m. Eastern time on August 31, 2009. As of August 31, 2009 shareholders tendered 4,685,395 common shares pursuant to the Issuer Bid.

A Notice of Variation with respect to these amendments will be sent to all Savaria shareholders.

Savaria believes that the Issuer Bid is another step in building shareholder value.

Savaria Corporation ([ www.savariaconcord.com ]) is Canada's leader and the second largest accessibility company in North America responding to the needs of people with mobility challenges. The Corporation designs, manufactures and distributes primarily elevators for residential and commercial use, as well as stairlifts and vertical and inclined platform lifts. Through its subsidiary Van-Action, Savaria converts and adapts automotive vehicles for the disabled and offers scooters and motorised wheelchairs as well. Its line of products, one of the world's most comprehensive, enables Savaria to stand out by proposing an integrated and customized solution for its disabled and elderly customers' mobility needs. Savaria records approximately 60% of its sales outside Canada, primarily in the United States, and is currently penetrating the Chinese market. The Corporation has a network of some 600 retailers in North America and employs more than 370 people at its plants in Ville St-Laurent (Quebec), Brampton (Ontario) and Huizhou (China).