TORONTO, March 28, 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 that the TSX Venture Exchange (the "TSXV") has accepted its normal course issuer bid (the "NCIB") to purchase, subject to regulatory approval, up to an aggregate of 29,325,611 common shares ("Common Shares") of the Company, representing 10% of the Common Shares issued and outstanding.
As of March 27, 2012, there were 293,256,117 Common Shares issued and outstanding. Purchases under the NCIB may begin on March 30, 2012 and will end no later than March 20, 2013. The Common Shares will be purchased for cancellation through the facilities of the TSXV in accordance with its policies and at market price. The Corporation shall make available a maximum of $500,000 to fund the repurchase of Common Shares pursuant to the NCIB.
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 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
Certain statements in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Forward-looking information generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect" or "believe", or grammatical variations thereof. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from the expectations of the Company include, among other things, potential acquisitions and investments, volatility in stock price, credit risk, competition, foreign currency risk and environment and market risk. Such forward-looking information should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For further information:
Mr. Aly Rahemtulla
President & CEO
BSM Technologies Inc.
TMX | Equicom
416-815-0700, ext. 290