WATERLOO, ON, Feb. 8, 2016 /CNW/ - RDM Corporation (TSX:RC), a leader in remote deposit capture (RDC) solutions, today reported that in connection with it previously announced normal course issuer bid (the "Bid"), RDM has entered into an automatic purchase plan with its designated broker in order to facilitate purchases of its Common Shares under the Bid.
The automatic purchase plan allows for purchases by RDM of its Common Shares at any time including, without limitation, when RDM would ordinarily not be permitted to make purchases due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by RDM's broker based upon the parameters prescribed by the Toronto Stock Exchange (the "TSX") and the terms of the parties' written agreement. Outside of these black-out periods, Common Shares may also be purchased in accordance with management's discretion. The plan will commence on February 8, 2016 and terminate on January 17, 2017.
Pursuant to the Bid, RDM may purchase up to 1,127,498 common shares, representing approximately 5 per cent of the issued and outstanding common shares as of January 7, 2016.
Under the Bid, RDM is subject to a daily repurchase restriction of 7,653 Common Shares except where purchases are made in accordance with the "block purchase exception" of the TSX rules.
About RDM Corporation
RDM Corporation provides large financial institutions with Remote Deposit Capture (RDC) solutions designed to help their clients simplify the way they do business. RDM processes over $600 billion in payments annually and helps financial institutions increase revenue, expand market share and improve customer service for over 80,000 end users.
Four of the top ten financial institutions in the United States use RDM's payment processing solutions. RDM serves 31 percent of the top 100 Fortune 500 companies including brokerage firms, big-box retailers, healthcare and insurance providers, and government entities. Working with clients for over 25 years, RDM provides both software and hardware solutions including web-based and mobile RDC, and manufactures a wide range of digital imaging scanners. For more information, visit www.rdmcorp.com.
This news release contains forward-looking statements. Forward-looking statements are based on estimates and assumptions made by RDM in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that RDM believes are appropriate in the circumstances. Many factors could cause RDM's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. Risk factors relating to RDM are discussed in the Risks and Uncertainties section of RDM's Annual Information Form and year-end Management's Discussion and Analysis. These factors should be considered carefully, and readers should not place undue reliance on RDM's forward-looking statements. RDM has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE RDM Corporation
For further information: Contacts: Randy Fowlie, President & CEO, RDM Corporation, (519) 746-8483 x340, firstname.lastname@example.org; Rui Malhinha, Chief Financial Officer, RDM Corporation, (519) 746-8483 x284, email@example.com