CALGARY, Dec. 12, 2013 /CNW/ - Axia NetMedia Corporation ("Axia") (TSX: AXX) announced today that it has renewed its normal course issuer bid ("NCIB") for a further one-year period. The Toronto Stock Exchange ("TSX") has accepted Axia's notice of intention to make the NCIB to purchase its outstanding common shares ("Common Shares") on the open market, in accordance with the rules of the TSX.
Axia repurchased 357,850 Common Shares at a volume-weighted average price of $1.82 per Common Share within the past twelve (12) months pursuant to the NCIB which began on December 5, 2012 and terminated on December 4, 2013. The purchases were executed through the facilities of the TSX.
As approved by the TSX, Axia is authorized to purchase up to 3,106,383 Common Shares, representing approximately 5 percent of the currently issued and outstanding Common Shares. As of November 30, 2013, there were 62,127,676 Common Shares outstanding. On any day, subject to any approved exceptions, Axia will not purchase more than 13,761 Common Shares (representing 25% of the average daily trading volume of 55,044 for the six calendar months prior to the date hereof).
Axia is authorised to make purchases during the period commencing December 16, 2013 and ending on December 15, 2014, or until such earlier time as the NCIB is completed or terminated at the option of Axia. All shares purchased under the NCIB will be cancelled.
Axia believes that the market price of the Common Shares at certain times may be attractive and that the purchase of Common Shares from time to time would be an appropriate use of the Issuer's funds in light of potential benefits to remaining shareholders.
Axia has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of Common Shares under its NCIB. Any purchases made will be through the facilities of the TSX or alternative trading systems, if eligible, or by such other means as may be permitted by the TSX or securities regulatory authority. Under the automatic share purchase plan, Axia's broker may repurchase Common Shares under the NCIB at any time including: (i) when Axia would ordinarily not be permitted to do so due to the possession of material non-public information; and (ii) during blackout periods imposed by Axia on insiders. Purchases will be made by Axia's broker based upon the parameters prescribed by the TSX, applicable securities laws and the terms of the parties' written agreement.
Axia sells services over fibre optic communications infrastructure in jurisdictions that have implemented the Axia NGN Solution. To date, Axia has networks in Alberta, France and Massachusetts. Axia trades on the TSX under the symbol "AXX".
This News Release contains forward-looking statements, including, without limitation, statements containing the words "should", "believe", "anticipate", "may", "plan", "will", "continue", "intend", "expect", "estimate" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. These statements are based on our current expectations, estimates, forecasts and assumptions about the operating environment, economies and markets in which we operate and are subject to important assumptions, risks and uncertainties that are difficult to predict. Examples of these statements would include those where Axia forecasts its success and timing in winning new NGN business, the timing of completion and estimated total costs of our networks, the revenues and operating costs associated with these networks over time, and Axia's ability to generate future cash flows and avail itself of other financing alternatives given current market conditions. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, changes in customer markets, changes in demand for our services, our inability to deliver services in a timely and cost efficient manner, technological change, general economic conditions and other risks detailed from time to time in our ongoing filings with the Canadian securities regulatory authorities, including those in our Annual Information Form, which filings can be found at www.sedar.com. Given these assumptions, risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise.
SOURCE: Axia NetMedia Corporation
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For further information, please visit Axia's website at www.axia.com, or contact:
Chief Financial Officer
Axia NetMedia Corporation