TORONTO, Dec. 22, 2017 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX:ECN) (“ECN Capital” or the “Company”) today announced that it has entered into an automatic securities purchase plan (the “Plan”) with a designated broker in order to facilitate repurchases of its outstanding common shares (the “Common Shares”) in connection with its previously established normal course issuer bid (the “Bid”), which commenced on July 5, 2017. The Plan has been approved by the Toronto Stock Exchange ("TSX") and will be implemented effective as of December 22, 2017.

Under the Plan, the Company's broker may purchase Common Shares under the Bid at times when the Company would ordinarily not be permitted to, due to its regular self-imposed quarterly blackout periods. Before the commencement of any particular internal trading black-out period, the Company may, but is not required to, instruct its broker to make purchases of Common Shares under the Bid during the ensuing blackout period in accordance with the terms of the Plan. Such purchases will be determined by the broker in its sole discretion based on parameters established by the Company prior to commencement of the applicable blackout period in accordance with the terms of the Plan and applicable TSX rules. Outside of these blackout periods, Common Shares will continue to be purchasable by the Company at its discretion under its Bid. The Plan will terminate on the earliest of the date on which: (a) the purchase limit specified in the Plan has been reached, (b) the purchase limit under the Bid has been reached, (c) the Company terminates the Plan in accordance with its terms, in which case the Company will issue a press release confirming such termination, and (d) the Bid terminates.

Under the Bid, which commenced on July 5, 2017, the Company is authorized to repurchase for cancellation up to 36,999,219 Common Shares. As at the close of business on December 21, 2017, the Company has purchased 9,687,400 Common Shares under the Bid.

About ECN Capital Corp.

With total owned and managed assets of more than $4.7 billion, ECN Capital Corp. (ECN) is one of North America's leading finance companies. ECN Capital operates in four verticals: Home Improvement Finance, Commercial & Vendor Finance, Rail Finance and Aviation Finance.

Contact: 
John Wimsatt
647-649-4634 
[email protected]

Forward-looking Statements

This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include but, are not limited to, future purchases of Common Shares under the Bid and/or the Plan. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the equipment finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital's Annual Information Form dated March 30, 2017 and ECN Capital's September 30, 2017 MD&A each of which has been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.