LONGUEUIL, QC, Feb. 6 /CNW Telbec/ - Mediagrif Interactive Technologies
Inc. ("Mediagrif" or the "Corporation") (TSX: MDF), a world-leading developer
of <a href="http://www.mediagrif.com/">e-business</a> networks and provider of complete <a href="http://www.mediagrif.com/">B2B</a> e-business solutions,
announces increase of its Normal Course Issuer Bid in accordance with the
Toronto Stock Exchange ("TSX") approval.
On March 3, 2008, Mediagrif announced the renewal of its Normal Course
Issuer Bid. In accordance with the terms of the renewal, the Corporation was
authorized to acquire up to a maximum of 598,465 common shares, which
represented approximately 10% of the public float as of February 29, 2008.
Mediagrif announces that, starting February 11, 2009, the maximum of shares
that could be acquired pursuant to the terms of the Normal Course Issuer Bid
will be increased to a maximum of 735,962 common shares, which represents 5%
of the 14,719,241 issued and outstanding common shares as of February 29,
2008. The common shares purchased will be cancelled. Mediagrif's management
considers that the acquisition of common shares in the course of this issuer
bid may represent a sound use of the Corporation's funds both for the
Corporation and for its shareholders. All purchases will be made through the
facilities of the TSX.
None of Mediagrif's directors or senior officers, nor any of their
associates, nor any person acting jointly or in concert with Mediagrif, or
holding 10% or more of the shares of any class of shares of Mediagrif, will
receive any direct or indirect benefit as a result of this Normal Course
Issuer Bid other than the benefits conferred upon all Mediagrif shareholders.
As of the date hereof, Mediagrif has purchased 547,331 common shares at an
average purchase price of $3.13 per share under its Normal Course Issuer Bid
that started on March 5, 2008.
Purchases on the modified Normal Course Issuer Bid expires no later then
March 4, 2009. The Average Daily Trading Volume ("ADTV") of Mediagrif's common
shares on the TSX was 11,550 for the six-month period, which started on August
1, 2007 through January 31, 2008. Based on that number, Mediagrif would be
entitled to purchase up to 25% of the ADTV on any trading day, being 2,887
common shares. In accordance with the rules of the TSX, a listed issuer may
make one block purchase per calendar week that exceeds the daily repurchase
On November 3, 2008, in its Staff Notice 2008-0005, the TSX granted a
temporary relief, in effect until March 31, 2009, to listed issuers making
purchases under a Normal Course Issuer Bid. Under the temporary relief, listed
issuers are authorized to purchase daily on the TSX up to a maximum of 50% of
the ADTV instead of the maximum of 25% prescribed by the rules of the TSX. For
Mediagrif, this means a possibility of daily purchase of up to 5,775 common
shares under its Normal Course Issuer Bid.
About Mediagrif Interactive Technologies Inc.
<a href="http://www.mediagrif.com/">Mediagrif Interactive Technologies</a> Inc. (TSX: MDF) is a world-leading
operator of e-business networks and provider of complete <a href="http://www.mediagrif.com/">B2B</a> <a href="http://www.mediagrif.com/">e-commerce</a> and
<a href="http://www.mediagrif.com/">e-business solutions</a>. Mediagrif's e-business networks allow buyers and sellers
within specific industries to source, purchase or sell products and to
exchange documents more efficiently using the Internet. Mediagrif operates 15
networks, including industry leaders <a href="http://www.brokerforum.com/">The Broker Forum</a>, <a href="http://www.powersourceonline.com/">Power Source On-Line</a>,
<a href="http://www.telecomfinders.com/">Telecom Finders</a>, <a href="http://www.globalwinespirits.com/">Global Wine & Spirits</a> and <a href="http://www.polygon.net/">Polygon</a>. Mediagrif also owns <a href="http://www.merx.com/">MERX</a>,
the exclusive provider of e-publishing services to the Government of Canada,
and is a leading provider of <a href="http://www.governmentbids.com/">government bid</a> aggregation services and
e-procurement services in the U.S. Headquartered in Longueuil, Mediagrif has
several offices in North America and Asia. For more information, please visit
us at www.mediagrif.com or call 1 877 677-9088.
For further information:
For further information: Catherine Allard, Chief Financial Officer,
Mediagrif Interactive Technologies Inc., (450) 677-8797 ext. 2133,
firstname.lastname@example.org; Kathy Roberge, Director, Communications, Mediagrif
Interactive Technologies Inc., (450) 677-8797 ext. 3014,