VANCOUVER, Nov. 4 /CNW/ - Absolute(R) Software Corporation (the "Company") announced today that it is proceeding with a normal course issuer bid for up to 3,337,617 common shares of the Company, representing approximately 10% of the public float of the Company. On November 3, 2009, the Company had 46,175,636 common shares outstanding. The Company has received approval from the TSX to commence this bid on November 6, 2009. Purchases will be made on the TSX at the market price at the time of acquisition.
The Company's previous normal course issuer bid will expire on November 5, 2009, and under such bid the Company purchased and cancelled 3,257,000 of its common shares at an average price of $3.27 per common share. The Company's new normal course issuer bid will terminate on November 5, 2010 or earlier if the number of shares sought in the issuer bid have been obtained. The Company reserves the right to terminate the bid earlier if it feels it is appropriate to do so.
The Company believes that its common shares are undervalued at current market prices based on its current earnings and future prospects and that the repurchase of common shares at current market prices is an appropriate use of corporate funds.
All shares will be purchased on the open market through the facilities of the TSX, and payment for the shares will be in accordance with TSX policies. The price paid for the shares will be the market price at the time of purchase. Purchasing may be suspended at any time. No purchases will be made other than by means of open market transactions during the term of the normal course issuer bid. The maximum number of shares that may be purchased on a daily basis is 20,475 shares, except where purchases are made in accordance with "block purchases" exemptions under applicable TSX policies. The shares purchased by the Company will be cancelled.
Should any director, senior officer or other insider of the Company intend to sell any common shares during the term of the Bid, the Company will suspend purchases under the Bid until such person's sales are completed. Sales by such persons through the facilities of the TSX may occur if the person makes a decision unrelated to the Company's normal course purchases.
Absolute Software Corporation (TSX: ABT) is the leader in computer theft recovery, data protection and Secure Asset Tracking(R) solutions. Absolute Software provides organizations and consumers with solutions in the areas of regulatory compliance, data protection and theft recovery. The Company's Computrace(R) software is embedded in the firmware of computers by global leaders, including ASUS, Dell, Fujitsu, General Dynamics Itronix, HP, Lenovo, Motion, Panasonic and Toshiba. The Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software and Computrace, visit www.absolute.com or http://blog.absolute.com/.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the intent of Absolute to purchase and cancel shares, the price of Absolute shares in comparison to their value, the earnings and future prospects of Absolute, the term of Absolute's normal course issuer bid, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect Absolute's current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that Absolute cannot assure you that the forward-looking statements contained in this press release will be realized.
(C)2009 Absolute Software Corporation. All rights reserved. Computrace, Absolute and Secure Asset Tracking are registered trademarks of Absolute Software Corporation. All other trademarks are property of their respective owners. Computrace U.S. patents No. 5,715,174, No. 5,764,892, No. 5,802,280, No. 5,896,497, No. 6,244,758, No. 6,269,392, No. 6,300,863, and No. 6,507,914. Canadian patents No. 2,284,806 and No. 2,205,370. U.K. patents No. EP793823 and No. GB2338101. German patent No. 695 125 34.6-08. Australian patent No. 699045. Japan patent No. JP4067035. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
SOURCE Absolute Software Corporation
For further information: For further information: John Livingston, Chief Executive Officer, (email@example.com) or Phone: (604) 730-9851; Rob Chase, Chief Financial Officer, (firstname.lastname@example.org) or Phone: (604) 730-9851; Dave Mason, Investor Relations, (email@example.com) or Phone: (416) 815-0700 x237; Website: http://www.absolute.com