Toronto Stock Exchange Symbol: RC
WATERLOO, ON, Aug. 5 /CNW/ - RDM Corporation (TSX: RC), a developer of specialized software and hardware products for electronic payment processing, announced today that its Notice of Intention to make a Normal Course Issuer Bid (the "Bid") has been accepted by the Toronto Stock Exchange (the "TSX"). Pursuant to the Bid, RDM may purchase up to 1,037,556 common shares, representing 5 per cent of the issued and outstanding common shares as of July 30, 2010. The purchases may commence on August 9, 2010 and will terminate on August 8, 2011, or on such earlier date that RDM completes its permitted purchases pursuant to the Notice or provides notice of termination of the Bid. All purchases will be made through the facilities of the TSX at prevailing market prices in accordance with regulatory requirements. Subject to any block purchases made in accordance with TSX rules, RDM will be subject to a daily repurchase restriction of 2,040 common shares. RDM will cancel any common shares purchased pursuant to the normal course issuer bid.
RDM's Board of Directors continues to believe that the Company's common shares are an attractive investment and that normal course purchases at recent market prices represent a desirable use of its available funds. Under its previous normal course issuer bid, which expired May 20, 2010, RDM acquired and cancelled 86,300 common shares during the year then ended at an average price of $0.95. As at July 30, 2010, the Company had 20,751,126 issued and outstanding common shares.
About RDM Corporation
RDM Corporation is headquartered in Waterloo, Ontario and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading provider of specialized software and hardware products for electronic payment processing and. RDM has pioneered electronic check conversion systems and web based image and transaction management services for banks, retailers, payment processors and government agencies as well as print quality control and image quality systems for a variety of global customers. For further information, visit RDM's website at www.rdmcorp.com.
SOURCE RDM Corporation
For further information: For further information: Douglas Newman, President and CEO, RDM Corporation, (519) 746-8483/340, DNewman@rdmcorp.com; James Merwin, CFO & Vice President, Corporate Development, RDM Corporation, (519) 746-8483/284, JMerwin@RDMCorp.com