/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Sept. 24, 2012 /CNW/ - Sylogist Ltd. (TSX-V:SYZ) announces
that, pursuant to an exempt issuer bid, it has today acquired for
cancellation 580,000 of its shares below market from Jim Wilson, its
President and CEO. These shares were held by Mr. Wilson in his
registered retirement savings plan. Sylogist has been advised that
recently enacted changes to the Income Tax Act (Canada) prohibit holding greater than a 10% ownership in companies
within registered plans. Plan owners, such as Mr. Wilson, are obliged
to divest such prohibited interests within their registered plans over
the defined transition period or be faced with substantial penalties.
Sylogist's purchase is exempt under section 4.7 of Multilateral
Instrument 62-104 Take-Over Bids and Issuer Bids and OSC Rule 61-501 which applies to TSX-V issuers. Sylogist's exempt
issuer bid is being carried out as direct private purchase without
using the facilities of the TSXV or the assistance of any participating
organization. In the circumstances, it is reasonable that Sylogist
file a material change report describing its purchase on completion.
Subsequent to this purchase and cancellation, Sylogist will have
18,936,235 shares issued and outstanding.
Sylogist is a technology innovation and licensing company which, through
strategic acquisitions, investments and operations management, provides
intellectual property solutions to a wide range of public and private
sector customers. The Company's stock is traded on the TSX Venture
Exchange under the symbol "SYZ".
- Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release -
SOURCE: Sylogist Ltd.
For further information:
Jim Wilson, President and CEO