ATS ATS Corporation

CAMBRIDGE, ON, Dec. 13, 2022 /CNW/ - ATS Corporation (TSX: ATS) ("ATS" or the "Company") today announced that the Toronto Stock Exchange ("TSX") has accepted a notice filed by it of its intention to make a normal course issuer bid ("NCIB"). As of December 1, 2022, ATS had a total of 91,770,874 common shares issued and outstanding. Under the NCIB, ATS will have the ability to purchase for cancellation up to a maximum of 7,335,032 common shares, representing approximately 10% of the public float of 73,350,323 common shares of the Company that were issued and outstanding as of December 1, 2022.

Purchases under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems in accordance with applicable regulatory requirements, during the twelve-month period commencing on December 15, 2022 and ending on or before December 14, 2023. The average daily trading volume of the common shares on the TSX for the six calendar months ending November 30, 2022 was 185,955 common shares. On any given trading day, ATS will not purchase more than 25% of such average daily trading volume, representing 46,488 common shares, except where such purchases are made in accordance with available block purchase exemptions. The common shares purchased under this NCIB will be cancelled.

Some purchases under the NCIB may be made pursuant to an automatic purchase plan that has been entered into between ATS and its broker. This plan will enable the purchase of ATS common shares when ATS would not ordinarily be active in the market due to internal trading blackout periods, insider trading rules, or otherwise.

ATS believes that there are times when the market price of its common shares may not reflect their underlying value and that the purchase of shares by ATS will both provide liquidity to existing shareholders and benefit remaining shareholders. The NCIB is viewed by ATS management as one component of an overall capital structure strategy and complementary to its acquisition growth plans.

The NCIB follows the Company's normal course issuer bid for the period ended December 14, 2022 (the "2021 NCIB"). Under the 2021 NCIB, the Company had obtained approval to purchase up to 7,383,567 common shares. The Company's 2021 NCIB began on December 15, 2021 and will end on December 14, 2022. Within the past 12 months, under the 2021 NCIB, the Company repurchased through the facilities of the TSX and/or alternative Canadian trading systems, and cancelled, 619,695 common shares at a weighted average purchase price of $34.01 per common share.

ATS Corporation is an industry-leading automation solutions provider to many of the world's most successful companies. ATS uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added services including pre-automation and after-sales services, to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, food & beverage, transportation, consumer products, and energy. Founded in 1978, ATS employs over 6,000 people at more than 50 manufacturing facilities and over 75 offices in North America, Europe, Southeast Asia and China. The Company's common shares are traded on the Toronto Stock Exchange under the symbol ATS. Visit the Company's website at www.atsautomation.com.

This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements include all statements that are not historical facts regarding possible events, conditions or results of operations that ATS believes, expects or anticipates will or may occur in the future, including, but not limited to NCIB purchases.Such forward-looking statements are inherently subject to significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of ATS, or developments in ATS' business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Important risks, uncertainties and factors that could cause actual results to differ materially from expectations expressed in the forward-looking statements include, but are not limited to, the  duration of the COVID-19 pandemic and its impact on the Company, its  employees, customers, suppliers and the global economy; impact of regional or global conflicts; general market performance including capital market conditions and availability and cost of credit; performance of the markets that ATS serves; industry challenges in securing the supply of labour, materials, and, in certain jurisdictions, energy sources such as natural gas; impact of inflation; foreign currency and exchange risk; the relative strength of the Canadian dollar; impact of factors such as increased pricing pressure, increased cost of energy and supplies, and delays in relation thereto, and possible margin compression; the regulatory and tax environment; that NCIB purchases are not guaranteed and may be suspended at the discretion of ATS' Board of Directors; and other risks and uncertainties detailed from time to time in ATS' filings with securities regulators, including, without limitation, the risk factors described in ATS' annual information form for the fiscal year ended March 31, 2022, which are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") and can be accessed at www.sedar.com. ATS has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations.

Forward-looking statements are necessarily based on a number of estimates, factors and assumptions regarding, among others, management's current plans, estimates, projections, beliefs and opinions, the future performance and results of the Company's business and operations; and general economic conditions and global events, including the COVID-19 pandemic.

Forward-looking statements included in this news release are only provided to understand management's current expectations relating to future periods and, as such, are not appropriate for any other purpose. Although ATS believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and ATS cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. ATS does not undertake any obligation to update forward-looking statements contained herein other than as required by law.

SOURCE ATS Corporation