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Press Information:
Toronto - August 2, 2006
ACCORD FINANCIAL CORP.
Accord Announces Normal Course
Issuer Bid
Accord Financial Corp. (TSX - ACD), a leading North
American provider of a wide range of factoring and other
asset-based financial services to businesses, including
financing, collection services, credit investigation,
credit protection and guarantees, today announced that
the Toronto Stock Exchange (the “TSX”) has
accepted for filing a Notice of Intention to Make a
Normal Course Issuer Bid (the “Bid”). Pursuant
to the Bid, the Company may purchase up to 488,158 common
shares during the next 12 months being 5% of the 9,763,171
issued and outstanding common shares as at July 31,
2006. Any shares purchased pursuant to the Bid will
be cancelled. All purchases will be made through facilities
of the TSX and in accordance with the TSX’s rules
and policies. The Bid will commence on August 8, 2006
and terminate on the earlier of the date on which the
Company completes its purchases pursuant to the Bid
or August 7, 2007. Under the Company’s existing
Bid, which commenced August 5, 2005 and expires August
4, 2006, 291,400 shares have been repurchased for cancellation
at an average price of $7.89 for a total consideration
of $2,297,821. The Company believes that it may be advantageous
to engage in repurchases of its common shares, from
time to time, when they are trading at prices which
the Company believes reflect a discount from the underlying
value of its common shares.
For further information please contact:
Stuart Adair
Chief Financial Officer
Accord Financial Corp.
77 Bloor Street West, 18th floor
Toronto, Ontario
M5S 1M2
(416) 961-0304 Ext. 207
info@accordfinancial.com
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