CALGARY, May 19 /CNW/ - CriticalControl Solutions Corp. (TSX: CCZ)
("CriticalControl") announces that the Toronto Stock Exchange ("TSX") has
accepted CriticalControl's Notice of Intention to Make a Normal Course Issuer
Bid (the "Bid") to purchase for cancellation, from time to time, as
CriticalControl considers advisable, its issued and outstanding common shares
There are 41,870,687 Shares issued and outstanding on the date hereof. Of
this amount, 27,884,570 Shares constitute the "public float", calculated in
accordance with the rules of the TSX. Pursuant to the Bid, CriticalControl
intends to purchase for cancellation up to a maximum of 2,788,457 Shares,
being approximately 10% of CriticalControl's "public float". Pursuant to the
rules of the TSX, CriticalControl will restrict purchases, except for
purchases made pursuant to weekly block trade exceptions, to 8,444 Shares per
trading day, representing 25% of the average daily trading volume of the
Shares on the TSX.
Purchases under the Bid will be made on the open market through the
facilities of the TSX. The price that CriticalControl will pay for any
Securities purchased by it will be the prevailing market price of the
Securities on the TSX at the time of such purchase. The actual number of
Securities that may be purchased under the Bid for cancellation and the timing
of any such purchases will be determined by CriticalControl.
The Bid will commence on May 21, 2009 and will terminate on May 20, 2010
or such earlier time as the Bid is completed or terminated at the option of
Management of CriticalControl believes that, from time to time, the
market price of the Common Shares may not fully reflect their underlying value
and that at such times the purchase of Common Shares would be in the best
interests of CriticalControl. At times when the market price does not fully
reflect the value of the Common Shares, such purchases would increase the
proportionate interest of, and be advantageous to, all remaining shareholders.
Under a previous normal course issuer bid, which commenced on May 16,
2008 and terminated on May 15, 2009, CriticalControl acquired a total of
3,127,833 Common Shares at an average price of $0.44 per Common Share.
CriticalControl enables its clients to increase operational performance
through the better control of critical business information. Through the
balance of practicality, innovation and technology, we empower our clients
with everything from strategies and tools, to outsourced solutions to manage
information, wherever and in whatever form that information exists. For more
information please visit www.criticalcontrol.com.
For further information:
For further information: Alykhan Mamdani, President & CEO, Tel (403)
705-7500; or David Feick, The Equicom Group, Tel (403) 538-4787, Fax (403)