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Paladin Labs Inc.: Paladin Labs Announces Automatic Share Purchase Plan

  //house-home.news-articles.net/content/2008/12/1 .. abs-announces-automatic-share-purchase-plan.html
  Published in House and Home on Monday, December 15th 2008 at 7:19 GMT by Market Wire

MONTREAL, QUEBEC--(Marketwire - Dec. 15, 2008) - Paladin Labs Inc. (TSX:PLB), a leading Canadian specialty pharmaceutical company, today announced that it has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under its normal course issuer bid. Paladin previously announced that it had received approval from the Toronto Stock Exchange ("TSX") to make a normal course issuer bid to purchase up to 786,000 common shares, being approximately 10% of its public float of 7,867,694 common shares as at February 15, 2008. The normal course issuer bid commenced on March 3, 2008 and will terminate on March 2, 2009, or such earlier date as Paladin may complete repurchases under the bid.

Under Paladin's automatic share purchase plan, Paladin's broker may repurchase shares under the normal course issuer bid at any time including, without limitation, when Paladin would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Paladin's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The automatic purchase plan has been reviewed by the TSX. The automatic share purchase plan will be implemented effective as of December 15, 2008.

To date, a total of 99,525 common shares have been repurchased for cancellation under the bid, with the result that Paladin currently has 14,913,330 common shares outstanding.

Paladin is engaging in a normal course issuer bid because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of its business and its future business prospects.

About Paladin Labs Inc.

Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Company's web site at [ www.paladinlabs.com ].

This news release contains forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2007. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly fillings, annual report and Annual Information Form and other fillings found on SEDAR at [ www.sedar.com ].