TORONTO, March 20, 2012 /CNW/ - BSM Technologies Inc. ("BSM" or the "Company") (TSX-V: GPS), a leading provider of remote monitoring, fleet management, fleet diagnostics and automated vehicle security systems, announces its intention to proceed with a Normal Course Issuer Bid.
Subject to regulatory approval, the Company proposes to repurchase up to an aggregate of 29,325,611 common shares during the 12 month period (the "Bid Period") commencing March 20, 2012 and ending March 20, 2013. The Corporation shall make available a maximum of $500,000 to fund the repurchase of common shares during the Bid Period. The Company will determine the number of common shares to be repurchased and the timing of such purchases subject to the normal course issuer bid policy of the TSX Venture Exchange. All common shares repurchased by the Company during the Bid Period will be cancelled. BSM has not purchased any of its common shares during the preceding 12 months pursuant to a normal course issuer bid.
The Board of Directors and senior management of the Company believe that its common shares have been trading in a price range that does not adequately reflect their value in relation to the Company's business and future business prospects. The repurchase of the Company's common shares therefore is a worthwhile use of funds and in the best interests of BSM Technologies Inc. and its shareholders.
About BSM Technologies
BSM Technologies, through its subsidiary BSM Wireless Inc., is a leading provider of remote monitoring, fleet tracking, fleet maintenance, and automated vehicle security systems providing real time, web‐based tracking of mobile and fixed assets. BSM provides solutions for commercial, government, and law enforcement organizations who manage and operate diverse assets and large fleets, and who seek to enhance customer service, improve the safety of their drivers and vehicles, and lower business costs.
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For more information, please visit http://www.bsmwireless.com
For further information:
Mr. Aly Rahemtulla
President & CEO
BSM Technologies Inc.
TMX | Equicom
416-815-0700, ext. 290