WATERLOO, ON, Sept. 9, 2014 /CNW/ - Sandvine Corporation (TSX:SVC) ("Sandvine") today announced that its Board of Directors has approved the adoption of an open market stock buyback program for the purchase of up to approximately 13.9 million common shares ("Shares") over a one-year period, expected to commence in October, through a normal course issuer bid over the Toronto Stock Exchange. The program is subject to obtaining requisite regulatory approvals.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend upon future market conditions, and upon potential alternative uses for Sandvine's cash resources. Any purchases will be made by Sandvine at the prevailing market price of the Shares at the time of purchase. As at September 8, 2014, Sandvine had 150,469,055 Shares issued and outstanding.
Sandvine's network policy control solutions add intelligence to fixed, mobile and converged communications service provider networks to enable services that can increase revenue and reduce network costs. Powered by Sandvine's Policy Engine and SandScript policy language, Sandvine's networking equipment performs end-to-end policy control functions including traffic classification, and policy decision and enforcement across the data, control and business planes. Sandvine's products provide actionable business insight, the ability to deploy new subscriber services and tools to optimize traffic while enhancing subscriber Internet quality of experience.
Sandvine's network policy control solutions are deployed in more than 250 networks in over 90 countries, serving hundreds of millions of data subscribers worldwide, www.sandvine.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute forward-looking information within the meaning of securities laws.
Forward-looking information may relate to our future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.
These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
Forward looking-information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what we currently expect. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions.
For further information: INVESTOR CONTACT: Rick Wadsworth, Sandvine, +1 519 880 2400 ext. 3503, firstname.lastname@example.org; MEDIA CONTACT: Dan Deeth, Sandvine, +1 519 880 2232, email@example.com