BURNABY, BC, Feb. 7, 2014 /CNW/ - GLENTEL Inc. ("GLENTEL") (TSX:GLN) 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 500,000 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 January 31, 2014, GLENTEL completed a previous NCIB, through which 59,175 shares were purchased. In the period beginning February 11, 2014 and ending on February 10, 2015, GLENTEL intends to further acquire up to 500,000 Common Shares, being 2.24% of the 22,274,065 Common Shares outstanding on February 4, 2014. Subject to any block purchases made in accordance with the rules of the TSX, GLENTEL will be subject to a daily repurchase maximum of 8,521 Common Shares, representing 25% of the average daily trading volume of 34,085 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.
Based in Burnaby, BC, Canada, GLENTEL (TSX: GLN) is a leading provider of innovative and reliable wireless communications services and solutions, offering a choice of network carrier and wireless or mobile products to consumers and commercial customers. GLENTEL is the largest independent multi-carrier mobile phone retailer in Canada and Australia, and in the United States GLENTEL operates two of the six Verizon Wireless National Premium Retailers.
GLENTEL's brands - GLENTEL Solutions, WIRELESSWAVE, WAVE SANS FIL, Tbooth wireless, la cabine T sans fil, WIRELESS etc…, SANS FIL etc…, Mac Station, Diamond Wireless, Wireless Zone, and Allphones - span four countries and three continents. The Company employs over 4,300 employees and operates in more than 1,400 locations, including more than 470 locations in Canada - in retail malls, business centres, Costco Wholesale Canada stores, and Target Canada stores; more than 760 Verizon Wireless-authorized locations in the United States (Diamond Wireless, BJ's Wholesale Club kiosks, and Wireless Zone corporate and franchise locations); and more than 170 Allphones retail locations in Australia and the Philippines.
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 authorities.
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