LAVAL, QC, Dec. 9 /CNW Telbec/ - 20-20 Technologies Inc, (the "Corporation") (TSX: TWT) announced today that it has the intention to purchase by way of a normal course issuer bid (the "Bid"), for cancellation purposes, some of its common shares through the facilities of the Toronto Stock Exchange, beginning on December 14, 2009.
Under the Bid, the Corporation may repurchase for cancellation up to 946,000 common shares. This represents approximately 5% of its 18,926,692 issued and outstanding common shares as of November 30, 2009. These purchases will be made in accordance with applicable regulations over a maximum period of 12 months beginning on December 14, 2009 and ending on December 13, 2010. The average daily trading volume of 20-20's common shares over the six (6) calendar months ending October 31, 2009 was 12,087. Accordingly, the Corporation is entitled to purchase, on any trading day, up to 3,021 commons shares. The consideration that the Corporation will pay for any common shares acquired by it under the Bid will be paid cash at the market price of such common shares at the time of acquisition. The Corporation did repurchase 20,600 common shares during the last twelve months, in accordance with a duly authorized Normal Course Issuer Bid, for a weighted average price of $1.267.
The Corporation believes that the purchase by the Corporation of its own shares may, in appropriate circumstances and in light of the current valuation of the Corporation, be a responsible investment of funds on hand.
About 20-20 Technologies Inc.
20-20 Technologies is the world's leading provider of computer-aided design, business and manufacturing software solutions tailored for the interior design and furniture industries. Dealers and retailers use its desktop and Web-based products and solutions for the residential and commercial markets. 20-20 offers a unique proprietary end-to-end solution, integrating the entire breadth of functions in interior design. It provides a bridge for data communication from the point-of-sale to manufacturing and world-leading enterprise resource planning (ERP) systems, including computer-aided engineering and plant floor automation software. Operating in 12 countries with more than 500 employees, 20-20 is a publicly traded company (TWT) on the Toronto Stock Exchange (TSX). For more information, visit www.2020Technologies.com.
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of securities laws.
Implicit in this information, particularly in respect of future operating results and economic performance of the Company are assumptions regarding projected revenues and expenses. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected.
For more exhaustive information on these risks and uncertainties you should refer to our most recently filed Annual Information Form which is available at www.sedar.com. Forward-looking information contained in this report is based on management's current estimates, expectations and projections, which Management believes are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to update this information at any particular time, unless required by applicable securities law.
SOURCE 20-20 Technologies Inc.
For further information: For further information: Rick Leckner, Maison Brison, (514) 731-0000