Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
Intertape Polymer Group Inc. Announces Stock Repurchase Program
Intertape Polymer Group Inc.
110E Montee de Liesse, St. Laurent, Quebec, Canada, H4T 1N4
(Indicate by check mark whether the registrant files or will file
quarterly reports under cover Form 20-F or Form 40-F
Form 20-F (X) Form 40-F ( )
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ( ) No (X)
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
Intertape Polymer Group Inc.
December 21, 2001 By: /s/ Andrew Archibald
-----------------------------------
Andrew Archibald
Chief Financial Officer
Intertape Polymer Group Inc.
December 21, 2001 NYSE SYMBOL: ITP
T.S.E. SYMBOL: ITP
INTERTAPE POLYMER GROUP INC.
ANNOUNCES
STOCK REPURCHASE PROGRAM
Montreal, Quebec, Canada, December 21, 2001 -- Intertape Polymer Group Inc.
(NYSE & TSE: ITP) announced today that its Board of Directors authorized to
repurchase some of its common shares outstanding on the Toronto Stock Exchange
(TSE) and the New York Stock Exchange (NYSE), beginning December 27, 2001. The
normal course issuer bid is subject to regulatory approval.
Under the bid, Intertape may purchase for cancellation up to 1,424,686 common
shares. Intertape currently has 28,493,735 common shares presently outstanding
and therefore this would represent approximately 5% of today's outstanding
common shares. These purchases shall be made in accordance with applicable
regulations over a maximum period of 12 months beginning on December 27, 2001
and ending on December 26, 2002. The Corporation has purchased 336,000 common
shares under a normal course issuer bid within the past 12 months.
Melbourne F. Yull, Intertape's Chairman and Chief Executive Officer stated: "We
believe that the purchase by Intertape of its own shares may, in appropriate
circumstances, be a responsible investment of funds on hand. Depending on market
conditions, any purchases made will be made on that basis."
Intertape Polymer Group Inc. develops, manufacturers and markets a wide variety
of specialized polyolefin plastic and paper based packaging products and systems
for industrial uses. The Company is based in Montreal, Quebec and Sarasota,
Florida with manufacturing facilities in North American and European locations.
Certain statements and information set forth in this release, as well as other
written or oral statements made from time to time by the Company or by its
authorized executive officers on its behalf, constitute "forward-looking
statements" within the meaning of the United States Federal Private Securities
Litigation Reform Act of 1995. The Company intends for its forward-looking
statements to be covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
The reader should note that the Company's forward-looking statements speak only
as of the date of this media release or when made and the Company undertakes no
duty or obligation to update or revise its forward-looking statements. Although
management believes that the expectations, plans, intentions and projections
reflected in its forward-looking statements are reasonable, such statements are
subject to known and unknown risks, uncertainties and other factors that may
cause the Company's actual results, Performance or achievements expressed or
implied by the forward-looking statements.
The risks, uncertainties and other factors that the Company's stockholders and
prospective investors should consider include, but are not limited to, the
following: risks associated with pricing, volume and continued strength of
markets where the Company's products are sold; delays and disruptions associated
with terrorist attacks and reprisals, political instability, heightened security
and war in countries of the world that affect the Company's business; the
Company's ability to successfully complete negotiations with its lenders; the
effect of competition on the Company's ability to maintain margins on existing
or acquired operations; and other risk factors listed from time to time in the
Company's reports (including its Annual Report on Form 40-F) filed with the U.S.
Securities and Exchange Commission.
FOR FURTHER INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel: (514) 731-0731
E-mail: itp$info@intertapeipg.com
Web: www.intertapepolymer.com