LONGUEUIL, QC, March 3 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. ("Mediagrif" or the "Corporation") (TSX: MDF), a world-leading operator of e-business solutions, announces the renewal of its Normal Course Issuer Bid in accordance with the Toronto Stock Exchange ("TSX") approval.
Therefore, beginning on March 5, 2010, Mediagrif will be authorized to acquire for cancellation, from time to time, during a twelve-month period and when it deems it appropriate, up to a maximum of 695,425 common shares, representing 5% of the 13,908,510 issued and outstanding shares as of February 26, 2010. 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 the shareholders of Mediagrif. As of the date hereof, Mediagrif has purchased 85,504 common shares at an average purchase price of $4.82 per share under its Normal Course Issuer Bid that started on March 5, 2009 and terminates on March 4, 2010.
Purchases on the renewed Normal Course Issuer Bid may commence on March 5, 2010 until, at the latest, March 4, 2011. The average daily trading volume ("ADTV") of Mediagrif's common shares on the TSX was 9,754 for the six-month period, which started on September 1, 2009 through February 26, 2010. Based on that number, Mediagrif would be entitled to purchase up to 25% of the ADTV on any trading day, being 2,438 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 restriction.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) is a world-leading operator of e-commerce solutions. 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 The Broker Forum, Power Source On-Line, Telecom Finders, Global Wine & Spirits and Polygon. Mediagrif also owns MERX, the exclusive provider of e-publishing services to the Government of Canada, and is a leading provider of government bid 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.
SOURCE Mediagrif Interactive Technologies Inc.
For further information: For further information: Mediagrif Interactive Technologies Inc.: Claude Roy, Chief Executive Officer, (450) 677-8797 ext. 2004, Toll Free: 1-877-677-9088 ext. 2004, firstname.lastname@example.org; Suzanne Mercier, Chief Financial Officer, (450) 677-8797 ext. 2135, Toll Free: 1-877-677-9088 ext. 2135, email@example.com