TORONTO, Dec. 4 /CNW/ - Belzberg Technologies Inc. ("Belzberg") (TSX: BLZ) announced today acceptance by Toronto Stock Exchange ("TSX") of Belzberg's notice of intention to make a normal course issuer bid. Pursuant to the bid, Belzberg proposes to purchase through the facilities of TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 740,486 common shares of Belzberg, being approximately 5% of its issued and outstanding common shares, as of November 30, 2009. As of November 30, 2009, Belzberg had 14,809,739 issued and outstanding common shares. Purchases may commence through the TSX on December 8, 2009 and will conclude on the earlier of the date on which purchases under the bid have been completed and December 7, 2010. Other than block purchase exceptions, daily purchases will be limited to 7,292 common shares.
The Board of Directors of Belzberg believes that the proposed purchases are in the best interests of Belzberg and are a desirable use of corporate funds. All common shares purchased by Belzberg will be cancelled. The program does not require Belzberg to repurchase a minimum number of shares, and it may be modified, suspended or terminated at any time without prior notice.
In connection with the normal course issuer bid, the company has entered into an automatic share repurchase plan with its designated broker, Canaccord Capital Corporation. The plan will allow the broker to continue to make repurchases under the bid during Belzberg's customary trading blackout periods.
On November 27, 2008, Belzberg announced that it was making a normal course issuer bid to purchase up to 741,756 common shares of Belzberg through the facilities of the TSX. Under the bid, which commenced on December 1, 2008 and expired on November 30, 2009, an aggregate of 25,400 common shares of Belzberg were purchased at an average price of $1.26.
Belzberg Technologies Inc. is a provider of technology-based brokerage services, trading equities and options through Electronic Brokerage Systems, Belzberg Technologies' wholly owned broker-dealer. Electronic Brokerage Systems is a member of most North American stock exchanges, options exchanges and clearing organizations, including the NYSE, NASDAQ, CBOE, NSCC and OCC. Using Belzberg's suite of integrated trading tools and network connectivity, Belzberg's customers have direct access to all North American equities and options markets. The firm's client-base includes over 200 leading U.S and international brokerage houses and financial institutions. Belzberg Technologies is listed on the Toronto Stock Exchange (ticker: BLZ) - additional information is available at www.belzberg.com.
Forward looking statement disclaimer
Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty including information regarding the normal course issuer bid and Belzberg's intentions for the bid. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.
SOURCE BELZBERG TECHNOLOGIES INC.
For further information: For further information: Judith Robertson, President and Chief Executive Officer, Phone: (416) 360-1812, E-mail: email@example.com