VANCOUVER, April 13 /CNW/ - PEER 1 Network Enterprises, Inc. (TSX:PIX), operating as PEER 1 Hosting, a leading provider of online IT hosting, announced today that it has received Toronto Stock Exchange approval of a Notice of Intention to commence a Normal Course Issuer Bid through the facilities of the exchange. The Normal Course Issuer Bid will permit PEER 1 to repurchase for cancellation up to 6,064,731 common shares, being 5% of PEER 1's issued and outstanding common shares (as at April 12, 2010). PEER 1 had 121,294,620 common shares issued and outstanding as at April 12, 2010. The average daily trading volume of PEER 1's common shares for the period between October 1, 2009 and March 31, 2010 was 58,125 common shares. In accordance with the rules of the TSX, the maximum number of common shares that can be purchased on a daily basis by PEER 1 is 14,531 common shares, subject to the block purchase exception.
The board of directors of PEER 1 believes that market prices of the Company's common shares may not fully reflect the value of its business and future business prospects, that current market conditions may provide opportunities for PEER 1 to acquire common shares at attractive prices and that the purchases are an appropriate use of funds and will enhance shareholder value.
PEER 1 has not purchased any of its common shares in the past 12 months. The bid will commence on April 16, 2010 and run until the earlier of the date on which purchases under the bid have been completed and April 15, 2011.
About PEER 1 Hosting
PEER 1 Hosting believes in the limitless opportunity of the Internet, and the business growth potential it provides for its more than 10,000 customers. As a global online IT hosting provider, PEER 1 Hosting offers a reliable high performance Internet network supporting scalable managed hosting, dedicated hosting through the ServerBeach brand, and colocation solutions. Backed by its 100 percent uptime guarantee and 24x7x365 FirstCall Support(TM), PEER 1 Hosting ensures customers' online presence is always fast, always available. Since 1999, PEER 1 Hosting has grown to include 17 state-of-the-art data centres and points-of-presence throughout North America and Europe. The company's headquarters are in Vancouver, Canada, with European operations headquartered in Southampton, UK. PEER 1 Hosting's shares are traded on the TSX under the symbol PIX. For more information visit: www.peer1.com or www.peer1hosting.co.uk.
Forward Looking Statements
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in PEER 1 Hosting's public filings with securities regulatory authorities.
SOURCE PEER 1 Network Enterprises, Inc.
For further information: For further information: For investor inquiries please contact: David Feick, The Equicom Group, (403) 218-2839, email@example.com; For media inquiries please contact: Marcela Peake, PEER 1, (604) 909-6428, firstname.lastname@example.org