TORONTO, March 18 /CNW/ - Evertz Technologies Limited ("Evertz") Board of
Directors has authorized the purchase of up to 3,621,590 of its Common Shares
by way of normal course purchases on Toronto Stock Exchange ("TSX"), subject
to regulatory approval. These Common Shares represent 5% of the common shares
outstanding on March 17, 2008.
Evertz believes that its Common Shares currently trade in a price range
that does not adequately reflect their underlying value based on Evertz
business and strong financial position. As a result, depending upon future
price movements and other factors, Evertz believes that its outstanding Common
Shares represent an attractive investment and a desirable use of a portion of
its corporate funds.
The purchases may commence on the date that is two trading days after the
latest of (i) the date of acceptance by TSX of Evertz notice of intention in
final executed form, and (ii) the date that Evertz issues the press release
required by TSX. It is expected that the purchases will terminate not more
than one year after the purchases commence, or on such earlier date as Evertz
may complete its purchases.
Purchases will be made by Evertz in accordance with applicable regulatory
requirements and the price which Evertz will pay for any such Common Shares
will be the market price of such shares at the time of acquisition. Purchased
Shares will be cancelled. Evertz has not previously entered into a normal
course issuer bid.
To the knowledge of Evertz, no director, senior officer or other insider
of Evertz currently intends to sell any Common Shares under this bid. However,
sales by such persons through the facilities of the TSX may occur if the
personal circumstances of any such person change or any such person makes a
decision unrelated to these normal course purchases. The benefits to any such
person whose shares are purchased would be the same as the benefits available
to all other holders whose shares are purchased.
The report contains forward-looking statements reflecting Evertz'
objectives, estimates and expectations. Such forward looking statements use
words such as "may", "will", "expect", "believe", "anticipate", "plan",
"intend", "project", "continue" and other similar terminology of a
forward-looking nature or negatives of those terms.
Although management of the Company believes that the expectations
reflected in such forward-looking statements are reasonable, all
forward-looking statements address matters that involve known and unknown
risks, uncertainties and other factors. Accordingly, there are or will be a
number of significant factors which could cause the Company's actual results,
performance or achievements, or industry results to be materially different
from any future results performance or achievements expressed or implied by
such forward-looking statements.
Evertz Technologies Limited (TSX: ET) designs, manufactures and markets
video and audio infrastructure equipment for the production, post production,
broadcast and internet protocol television ("IPTV") industry. The Company's
solutions are purchased by content creators, broadcasters, specialty channels
and television service providers to support their increasingly complex
multi-channel digital and high definition television ("HDTV") broadcast
environments and by telecommunications companies to roll-out IPTV. The
Company's products allow its customers to generate additional revenue while
reducing costs through the more efficient signal routing, distribution,
monitoring and management of content as well as the automation of previously
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