Canada’s largest leather producer, The Tanbridge Corporation, has said it proposes to buy approximately 130,000 (5%) of common shares in the company on the Toronto Stock Exchange for cancellation.

The announcement follows on the issuing of the company’s first quarter results, in which it declared a loss for the first quarter ended March 31 of $1,368,465 (52 cents per share). This compares with a profit of $256,340 (10 cents per share) in Q1 FY 2000. Sales volume for the first quarter of 2001 was $19 million, compared with $23 million a year earlier.

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