GLENTEL Inc. renews normal course issuer bid to repurchase common shares
BURNABY, BC, Jan. 29, 2013 /CNW/ - GLENTEL Inc. ("GLENTEL") (TSX:GLN) has filed, and has received Toronto Stock Exchange ("TSX") acceptance of, a notice to renew its normal course issuer bid ("NCIB") to purchase up to 500,000 of its outstanding Common Shares. Depending upon future price movements and other factors from time to time, the board of directors of GLENTEL believes that the purchase of its outstanding Common Shares may represent desirable use of a portion of its available funds and may provide additional liquidity to its shareholders, benefiting the remaining shareholders by an increase in the value of their equity interest in the company.
On January 31, 2013, GLENTEL will have completed a previous NCIB, through which no purchases were made. In the period beginning February 1, 2013 and ending on January 31, 2014, GLENTEL intends to further acquire up to 500,000 Common Shares, being 2.24% of the 22,273,605 Common Shares outstanding on January 29, 2013. Subject to any block purchases made in accordance with the rules of the TSX, GLENTEL will be subject to a daily repurchase maximum of 3,625 Common Shares, representing 25% of the average daily trading volume of 14,502 Common Shares.
Any shares purchased pursuant to the NCIB will be cancelled. Shares will be purchased at the market price of the shares at the time of purchase and will be purchased on behalf of GLENTEL by a registered investment dealer through the facilities of the TSX or other Canadian market places. The funding for any purchase of Common Shares pursuant to the NCIB will be financed out of working capital of GLENTEL.
GLENTEL (TSX: GLN) is the largest independent multi-carrier mobile phone retailer in Canada and a leading provider of innovative and reliable telecommunications services and solutions in North America. Founded in 1963 and headquartered in Burnaby, BC, Canada, GLENTEL comprises four operating divisions - Retail Canada, Retail U.S., Retail Australia and Business - that service thousands of consumers and commercial communications customers. The company operates over 1,180 stores worldwide, with more than 330 locations in Canada located nationally in retail malls, Costco Wholesale stores, and business centers; more than 210 Diamond Wireless retail locations in the United States; 428 Wireless Zone retail locations in the United States; and more than 210 retail locations in Australia. In addition, Target Canada has licensed the operation of over 125 mobile communications sales and service kiosks within its stores to GLENTEL under the brand Target Mobile®, commencing in 2013. To its business and government customers, GLENTEL offers wireless service, rental equipment, satellite and terrestrial network systems and wireless asset monitoring. GLENTEL offers a choice of network carrier and wireless device or mobile phone to Canadian and Australian consumers and offers the family of wireless products and services of Verizon Wireless in the United States. GLENTEL operates its business under the trading names GLENTEL Wireless; WIRELESSWAVE; WAVE SANS FIL; Tbooth Wireless; La Cabine T Sans Fil; WIRELESS etc., SANS FIL etc.; Mac Station; Diamond Wireless and Wireless Zone - Verizon Wireless National Premium Retailers in the USA; and Allphones in Australia.
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third-party manufacturing, managing rapid growth, limited intellectual property protection, and other risks and uncertainties described in Glentel's public filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE: Glentel Inc.For further information:
Investor Relations Contact:
Jas Boparai, Chief Financial Officer