TORONTO, March 20 /CNW/ - Evertz Technologies Limited ("Evertz")
announces that it has received acceptance from the Toronto Stock Exchange
("TSX") of its Notice of Intention to purchase up to 3,621,590 of its
outstanding common shares from time to time in accordance with the normal
course issuer bid procedures under applicable Canadian securities laws.
Pursuant to the issuer bid, Evertz may purchase for cancellation up to
3,621,590 of its outstanding common shares during the 12-month period
commencing March 25, 2008 and ending March 24, 2009. The total aggregate
number of common shares which Evertz may purchase pursuant to the issuer bid
represents approximately 5% of the 72,431,806 issued and outstanding common
shares of Evertz as at March 18, 2008.
The price which Evertz will pay for any common shares purchased under the
normal course issuer bid will be the market price at the time of such
purchase. All purchases of common shares by Evertz will be made through the
facilities of TSX.
Evertz may purchase up to 12,831 common shares per day, which represents
approximately 25% of the Evertz's average daily trading volume for the six
calendar months prior to March 2008 (being 51,327 common shares), other than
pursuant to block purchase exemptions.
Evertz believes that its common shares currently trade in a price range
that does not adequately reflect their underlying value based on Evertz's
business and strong financial position. As a result, depending upon future
price movements and other factors, Evertz believes that its outstanding common
shares represent an attractive investment and a desirable use of a portion of
its corporate funds.
This press release contains forward-looking information reflecting
Evertz' objectives, estimates and expectations. Such forward looking
information contains words such as "may", "will", "believe" and other similar
terminology of a forward-looking nature or negatives of those terms. Although
the management of Evertz believes that the expectations reflected in such
forward-looking information are reasonable, all forward-looking information
addresses matters that involve known and unknown risks, uncertainties and
other factors. Accordingly, there are or will be a number of significant
factors which could cause Evertz's actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information.
Evertz Technologies Limited (TSX: ET) designs, manufactures and markets
video and audio infrastructure equipment for the production, post production,
broadcast and internet protocol television ("IPTV") industry. The Evertz's
solutions are purchased by content creators, broadcasters, specialty channels
and television service providers to support their increasingly complex
multi-channel digital and high definition television ("HDTV") broadcast
environments and by telecommunications companies to roll-out IPTV. Evertz's
products allow its customers to generate additional revenue while reducing
costs through the more efficient signal routing, distribution, monitoring and
management of content as well as the automation of previously manual
For further information:
For further information: Anthony Gridley, C.A., VP Finance, Evertz
Technologies Limited, Tel: (905) 335-7580, Fax: (905) 335-5785, email: