/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Aug. 27 /CNW/ - (TSXV - SYZ) Sylogist Ltd. ("Sylogist")
announced today that it is making a normal course issuer bid ("NCIB"). The
TSXV Venture Exchange Inc. ("TSXV") has accepted Sylogist's Notice of
Intention to have a NCIB in place. The purchases pursuant to the NCIB will be
for cancellation. Sylogist believes that from time to time the market price of
the Sylogist Common Shares may not reflect their underlying value and that, at
such times, the purchase of Common Shares for cancellation will increase the
proportionate interest of, and be advantageous to, all remaining holders of
Common Shares. Any purchases made by Sylogist will also afford increased
liquidity to those holders of Common Shares of Sylogist who may wish to
dispose of their Common Shares.
On August 27, 2008, there were 17,995,239 Common Shares outstanding and
the public float was 12,396,738 Common Shares. Under the NCIB, Sylogist may
purchase up to 1,239,674 Common Shares, which is 10% of the public float.
Sylogist, through its broker at BMO Nesbitt Burns, will purchase the Common
Shares on the open market through the facilities of the TSXV. The price which
Sylogist will pay for any Common Shares purchased will be the prevailing
market price of such Common Shares on the TSXV at the time of purchase.
Decisions regarding purchases of Common Shares pursuant to the NCIB will be
made by Sylogist.
The NCIB will commence on September 3, 2008, and will terminate on
September 2, 2009 or at such earlier times as the NCIB is completed or
terminated at the option of Sylogist.
In addition, Jim Wilson, its President, Chief Executive Officer and a
Director of the Company, has, through a series of transactions since May of
this year acquired ownership of 447,125 Common Shares of Sylogist,
representing approximately 2.5% of the issued and outstanding Common Shares of
the Company. These purchases, combined with the previous acquisitions and
dispositions since October of 2004, amount to in aggregate of 4.9% of the
issued and outstanding Common Shares of the Company. Mr. Wilson now
beneficially owns and controls 4,833,175 Common Shares of Sylogist, which
represents 26.8% of the issued and outstanding Common Shares of the Company.
Mr. Wilson's acquisitions were made on the open market through the facilities
of the TSXV and in some cases by private agreement, and all were made at the
then market price of the Common Shares. All of the purchases were for
Sylogist provides leading financial enterprise information management and
portal applications to municipal, education and private sector customers. Its
integrated suite of business applications for municipalities and school boards
fulfill requirements for revenue, budgeting, finance; board management,
operations and student information.
This press release is not for distribution to United States Newswire
Services or for dissemination in the United States.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Jim Wilson, President and CEO, Sylogist Ltd.,