/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Sept. 13, 2011 /CNW/ - (TSXV: SYZ) Sylogist Ltd. ("Sylogist") announced today that the TSX Venture Exchange Inc. ("TSXV") has accepted Sylogist's Notice of Intention to have a normal course
issuer bid ("NCIB") in place. The purchases pursuant to the NCIB will be for
cancellation. Sylogist believes that from time to time the market
price of the Sylogist Common Shares may not reflect their underlying
value and that, at such times, the purchase of Common Shares for
cancellation will increase the proportionate interest of, and be
advantageous to, all remaining holders of Common Shares. Any purchases
made by Sylogist will also afford increased liquidity to those holders
of Common Shares of Sylogist who may wish to dispose of their Common
As of the date hereof, there are 19,684,699 Common Shares issued and
outstanding, 12,145,106 of which shares constitute the public float.
Under the NCIB, Sylogist may purchase up to 1,214,510 Common Shares,
which is 10% of the public float. Sylogist, through its broker at BMO
Nesbitt Burns, will purchase the Common Shares on the open market
through the facilities of the TSXV. The price which Sylogist will pay
for any Common Shares purchased will be the prevailing market price of
such Common Shares on the TSXV at the time of purchase. Decisions
regarding purchases of Common Shares pursuant to the NCIB will be made
The NCIB will commence on September 15, 2011, and will terminate on
September 14, 2012 or at such earlier times as the NCIB is completed or
terminated at the option of Sylogist. Sylogist previously purchased
1,015,900 Common Shares pursuant to a normal course issuer bid which
commenced on September 13, 2010 and concluded on September 12, 2011.
The average price paid for such Common Shares was $2.02.
Sylogist provides IP technology solutions to public and private sector
customers. The Company's stock is traded on the TSX Venture Exchange
under the symbol "SYZ".
- Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release -
SOURCE Sylogist Ltd.
For further information:
Jim Wilson, President and CEO