BURNABY, BC, Jan. 27 /CNW/ - GLENTEL Inc. ("GLENTEL") has filed, and has
received Toronto Stock Exchange ("TSX") acceptance of, a notice to
renew its normal course issuer bid ("NCIB") to purchase up to 300,000
of its outstanding Common Shares. Depending upon future price movements
and other factors from time to time, the board of directors of GLENTEL
believes that the purchase of its outstanding Common Shares may
represent desirable use of a portion of its available funds and may
provide additional liquidity to its shareholders, benefiting the
remaining shareholders by an increase in the value of their equity
interest in the company.
On December 29, 2010, GLENTEL completed a previous NCIB through which it
repurchased 217,300 Common Shares at a weighted average price of $17.41
in the last twelve months. In the period beginning January 31, 2011 and
ending on January 30, 2012, GLENTEL intends to further acquire up to
300,000 Common Shares, being 2.71% of the 11,054,670 Common Shares
outstanding on January 25, 2011. Subject to any block purchases made in
accordance with the rules of the TSX, GLENTEL will be subject to a
daily repurchase maximum of 1,709 Common Shares, representing 25% of
the average daily trading volume of 6,839 Common Shares.
Any shares purchased pursuant to the NCIB will be cancelled. Shares will
be purchased at the market price of the shares at the time of purchase
and will be purchased on behalf of GLENTEL by a registered investment
dealer through the facilities of the TSX or other Canadian market
places. The funding for any purchase of Common Shares pursuant to the
NCIB will be financed out of working capital of GLENTEL.
GLENTEL (TSX: GLN) is a leading provider of innovative and reliable
telecommunications services and solutions in Canada and the United
States. Founded in 1963 and headquartered in Burnaby, BC, Canada,
GLENTEL comprises three operating divisions - Retail Canada, Retail
U.S. and Business - that service thousands of consumers and commercial
communications customers. The company operates more than 285 stores
across Canada located primarily in retail malls and Costco Wholesale,
as well as more than 140 stores in the United States. To its business
and government customers, GLENTEL offers wireless service, rental
equipment, satellite and terrestrial network systems, tower sites, and
wireless asset monitoring. As the largest multi-carrier wireless
retailer in Canada, it offers a choice of network carrier and wireless
device or phone to Canadian consumers. GLENTEL operates its business
under the trading names Glentel Wireless, WIRELESSWAVE, WAVE SANS FIL,
Tbooth wireless, la cabine T sans fil, WIRELESS etc. and SANS FIL etc.,
and Diamond Wireless - Verizon Premium Retailer in the U.S.
Statements in this release relating to matters that are not historical
fact are forward-looking statements based on current expectations,
forecasts and assumptions that involve risks and uncertainties that
could cause actual outcomes and results to differ materially. Factors
that could cause or contribute to such differences include, but are not
limited to, general economic conditions, changes in technology,
reliance on third-party manufacturing, managing rapid growth, limited
intellectual property protection, and other risks and uncertainties
described in Glentel's public filings with securities regulatory
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE Glentel Inc.
For further information:
|Investor Relations Contact:|
|Jas Boparai, Chief Financial Officer|
To secure a copy of GLENTEL's annual report, or for additional information, visit www.glentel.com or www.sedar.com.