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Savaria Corporation: Savaria Corporation Announces Completion of Issuer Bid

^{Published on 2009-09-16 04:03:48 - Market Wire}
 

LAVAL, QUEBEC--(Marketwire - Sept. 15, 2009) - Savaria Corporation ("Savaria" or the "Corporation") (TSX:SIS), the second largest company in the accessibility industry in North America, today announced the completion of its offer for up to 5,000,000 common shares of the Corporation at a price of C$0.90 per common share ("Issuer Bid'). All the terms and conditions of the Issuer Bid have been complied with or waived. As of the expiry date of the Issuer Bid, September 14, 2009 at 5:00pm EST, a total of 4,695,795 common shares were deposited by shareholders pursuant to the Issuer Bid. The Depositary of the Issuer Bid has reported that there are no deficient deposits. All common shares validly deposited will be purchased by Savaria for cancellation with payment to be made within 10 days of the expiration of the Issuer Bid. Based on the cancellation of 4,685,795 common shares, Savaria will have approximately 22,365,000 common shares outstanding.

The payment for common shares pursuant to the Issuer Bid, and the related payment of the fees and expenses, will be funded by a previously announced maximum principal amount loan of $4,000,000 from the National Bank of Canada and cash on hand.

Full details of the Issuer Bid are contained in the Issuer Bid circular, letter of transmittal, notices regarding extension and variation and other related documents which were mailed to shareholders and are also available on SEDAR at [ www.sedar.com ] under Savaria's profile.

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).