Axia Announces Normal Course Issuer Bid

CALGARY, Nov. 8, 2011 /CNW/ - Axia NetMedia Corporation ("Axia") (TSX: AXX) announced today that its Board of Directors has approved a normal course issuer bid (the "NCIB").

The Toronto Stock Exchange ("TSX") has accepted Axia's notice to make the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX.  As approved by the TSX, Axia is authorized to purchase up to 3,189,386 common shares, representing approximately 5 percent of the currently issued and outstanding common shares of Axia.  As of today's date, there are 63,787,734 common shares outstanding.  On any day, subject to any approved exceptions, Axia will not purchase more than 13,954 common shares (representing 25% of the average daily trading volume for six months prior to the date hereof).

Axia is authorised to make purchases during the period commencing November 10, 2011 and ending on November 9, 2012, or until such earlier time as the NCIB is completed or terminated at the option of Axia.  All shares purchased under the NCIB will be cancelled.

Art Price, Chairman and CEO said, "Axia's Board and Management believe that the current trading price of Axia's common shares does not reflect Axia's longer term earning power. Given the volatility in the financial markets, Axia believes that our trading prices may be such that the purchase of the common shares for cancellation would be in the interest of Axia shareholders."  He added, "Implementing this Normal Course Issuer Bid enables Axia to purchase up to 3.2 million shares at market prices for the benefit of Axia shareholders.  Axia's Board is actively reviewing other practical actions that can be taken to improve the trading price and volume of Axia's shares."

Axia has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under its NCIB.  Any purchases made will be through the facilities of the TSX or alternative trading systems, if eligible, or by such other means as may be permitted by the TSX or securities regulatory authority.  Under the automatic share purchase plan, Axia's broker may repurchase common shares under the NCIB at any time including: (i) when Axia would ordinarily not be permitted to do so due to the possession of material non-public information; and (ii) during blackout periods imposed by Axia on insiders. Purchases will be made by Axia's broker based upon the parameters prescribed by the TSX, applicable securities laws and the terms of the parties' written agreement.

About Axia

Axia sells services over fibre optic communications infrastructure that has implemented the Axia NGN Solution. To date, the Axia NGN Solution has been implemented in Alberta, France, Singapore, Spain and Massachusetts. Axia trades on the TSX under the symbol "AXX".

This News Release contains forward-looking statements, including, without limitation, statements containing the words "should", "believe", "anticipate", "may", "plan", "will", "continue", "intend", "expect", "estimate" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws.  These statements are based on our current expectations, estimates, forecasts and assumptions about the operating environment, economies and markets in which we operate and are subject to important assumptions, risks and uncertainties that are difficult to predict.  Examples of these statements would include those where Axia forecasts its success and timing in winning new NGN business, the timing of completion and estimated total costs of our networks, the revenues and operating costs associated with these networks over time, and Axia's ability to generate future cash flows and avail itself of other financing alternatives given current market conditions.  The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, changes in customer markets, changes in demand for our services, our inability to deliver services in a timely and cost efficient manner, technological change, general economic conditions and other risks detailed from time to time in our ongoing filings with the Canadian securities regulatory authorities, including those in our Annual Information Form, which filings can be found at www.sedar.com.  Given these assumptions, risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.  Unless otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise.

SOURCE Axia NetMedia Corporation

For further information:

please visit Axia's website at www.axia.com, or contact:

Dawn Tinling
VP, Investor Relations and Communications
Axia NetMedia Corporation
(403) 538-4074
dawn.tinling@axia.com

Profil de l'entreprise

Axia NetMedia Corporation

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.