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Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
MACKENZIE INVESTMENT MANAGEMENT INC.
STOCK SYMBOL: TSE-MCI
NORMAL COURSE ISSUER BID
TORONTO, July 20, 2000 - Mackenzie Investment Management Inc., ("MIMI")
announced today that it intends to enter into a normal course issuer bid to
purchase up to 500,000 common shares of MIMI representing 2.7% of the 18.70
million currently issued and outstanding common shares.
The bid will commence on July 24, 2000 and will terminate on the earlier of the
date on which the maximum number of common shares have been purchased, the date
MIMI provides notice of termination, or July 23, 2001. The shares purchased by
MIMI under the bid will be cancelled.
MIMI believes that the common shares are undervalued at current market prices
based on MIMI's current earnings and future prospects and that the repurchase of
common shares at current market prices is an appropriate use of corporate funds
and should benefit shareholders.
Pursuant to a normal course issuer bid between July 16, 1999 and July 15, 2000,
MIMI purchased 243,400 common shares at an average price of $5.16 per Common
Share.
For additional information, please contact:
Keith J. Carlson Beverly J. Yanowitch
President and CEO Vice-President and CFO
Mackenzie Investment Management Inc. Mackenzie Investment Management Inc.
(561) 393-8900 (561) 393-8900
