Photon Control to buy back up to 5.5M shares

2018-01-02 07:59 ET - News Release

Mr. Scott Edmonds reports

PHOTON CONTROL ANNOUNCES EXTENSION OF NORMAL COURSE ISSUER BID

The TSX Venture Exchange has accepted Photon Control Inc.'s notice of intention to make a normal course issuer bid for its common shares through the facilities of the TSX-V. On January 4, 2018, the Company may commence making purchases of up to a maximum of 5,500,000 common shares, which represents approximately 5% of the Company's 110,853,718 issued and outstanding common shares as at the close of trading on December 29, 2017. A purchase of common shares under the NCIB also may not, when aggregated with the total of any other purchases in the 30 days preceding the purchase, whether through the facilities of the TSX-V or otherwise, exceed 2% of the total issued and outstanding common shares of the Company at the time the purchase is made.

There can be no assurance as to the number of shares, if any, that may be repurchased under the plan or the aggregate dollar amount expended. The Company may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.

Said Scott Edmonds, President and CEO, "The Company's priorities for capital deployment are first funding product development for growth, followed by M&A activity, and thirdly ongoing share repurchases. The Company has renewed its NCIB to ensure the ability to pursue such opportunities as authorized by its Board of Directors. The normal course issuer bid will terminate on the earlier of the date determined by the Company and January 3, 2019."

About Photon Control Inc.

Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors and instruments to measure temperature, position, and flow. These products are used by global Original Equipment Manufacturers (OEM) and end users in the semiconductor and other industries. Photon Control Inc.'s high quality products provide industry leading accuracy and reliability in extreme conditions and are backed by a team of experts providing a variety of on-site and remote services including custom design, installation, training and support. Headquartered in an ISO 9001:2008 manufacturing facility in Richmond, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO." Additional information about the company can be found at www.photon-control.com/investors.html

We seek Safe Harbor.

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