NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: DANIER LEATHER INC.
TSX SYMBOL: DL
FEBRUARY 4, 2003 - 08:30 EST
Danier Leather Inc. Renews Share Repurchase Plan
TORONTO, CANADA--Danier Leather Inc. (TSX:DL) announced today
that the Toronto Stock Exchange has accepted a notice filed by
the Corporation of its intention to make a normal course issuer
bid.
The Corporation currently has 5,687,025 subordinate voting shares
issued and outstanding. The notice provides that the Corporation
may, during the 12-month period commencing February 6, 2003 and
ending February 5, 2004, purchase on the Toronto Stock Exchange
up to 284,351 subordinate voting shares, being approximately 5%
of the issued and outstanding subordinate voting shares. The
price which the Corporation will pay for any such shares will be
the market price at the time of acquisition. The actual number
of subordinate voting shares which may be purchased and the
timing of any such purchases will be determined by the
Corporation. From February 6, 2002 to February 3, 2003, the
Corporation did not purchase any subordinate voting shares.
The Corporation believes that the purchase of its subordinate
voting shares at prevailing market prices may, from time-to-time,
be a worthwhile investment for the Corporation. Subordinate
voting shares that are purchased pursuant to the normal course
issuer bid will be cancelled by the Corporation, thereby
enhancing the remaining shareholders' value by increasing their
proportionate interests.
The Corporation's subordinate voting shares are listed on the
Toronto Stock Exchange.
FOR FURTHER INFORMATION PLEASE CONTACT:
Danier Leather Inc.
Bryan Tatoff
Senior Vice-President and Chief Financial Officer
(416) 762-8175 ext. 328
(416) 762-7408 (FAX)
bryan@danier.com
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