OTTAWA, Dec. 4, 2015 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch" or the "Company") (TSXV: INX) announced today that the Board of Directors authorized the annual renewal of the Company's normal course issuer bid (the "Bid", or "NCIB"), subject to the approval of the TSX Venture Exchange ("TSXV").
On November 28, 2014, the Company announced that it plans to repurchase up to 756,299 of its shares beginning December 17, 2014 and expiring December 16, 2015. Under the NCIB that is due to expire shortly, In-Touch Survey Systems Ltd. repurchased 585,500 common shares for a total cost of $140,159, representing an average price of $0.24 per share.
Future repurchase decisions will be based on market conditions, share price and other factors at Management's discretion.
Currently, In-Touch has 15,140,478 common shares issued and outstanding. Up to 757,000 common shares may be repurchased over a twelve-month period, no more than 2% being 302,809 common shares in any 30-day period, which represents approximately 5% of the Company's issued and outstanding common shares. The Company has appointed Jones Gable & Company, a Member of the TSXV, as the broker that will conduct the Bid on behalf of In-Touch. The Bid is expected to commence on December 17, 2015, and will terminate on December 16, 2016, or on such earlier date as the Bid is complete or at the option of In-Touch.
The Bid will be made through the facilities of the TSXV and the purchase and payment for the securities will be made in accordance with TSXV requirements at the market price of the common shares at the time of acquisition. All common shares purchased by In-Touch under the Bid will be cancelled.
"Management of In-Touch continues to believe that the current market price of the Company's common shares may not reflect their underlying value given our current balance sheet and new products that have been developed last year." said Cameron Watt, President and Chief Executive Officer. "We anticipate that the purchase of common shares for cancellation will increase the proportionate interest of, and will be advantageous to, all remaining shareholders" said Watt.
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE In-Touch Survey Systems Ltd.
For further information: George Pretli, Chief Financial Officer, [email protected], 613-270-7916