LONGUEUIL, QC, Feb. 20, 2014 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. ("Mediagrif" or the "Corporation") (TSX: MDF), a world-leading operator of e-business solutions, announces that it has obtained approval from the Toronto Stock Exchange (the "TSX") in order to proceed with a Normal Course Issuer Bid.
Therefore, beginning on February 24, 2014, Mediagrif will be authorized to acquire for cancellation, from time to time, during a twelve-month period and when it deems it appropriate, up to a maximum of 300 000 common shares, representing approximately 1.9% of the 15,833 775 issued and outstanding shares as of February 19, 2014. Mediagrif's management considers that the acquisition of common shares in the course of this Issuer Bid may represent a sound use of the Corporation's funds both for the Corporation and for its shareholders. All purchases will be made through the facilities of the TSX.
None of Mediagrif's directors or senior officers, nor any of their associates, nor any person acting jointly or in concert with Mediagrif, or holding 10% or more of the shares of any class of shares of Mediagrif, will receive any direct or indirect benefit as a result of this Normal Course Issuer Bid other than the benefits conferred upon all the shareholders of Mediagrif.
Purchases on the Normal Course Issuer Bid may commence on February 24, 2014 until, at the latest, February 23, 2015. The average daily trading volume ("ADTV") of Mediagrif's common shares on the TSX was 5 762 for the six-month period, which started on August 1, 2013 through January 31, 2014. Based on that number, Mediagrif would be entitled to purchase up to 25% of the ADTV on any trading day, being 1 440 common shares. In accordance with the rules of the TSX, a listed issuer may make one block purchase per calendar week that exceeds the daily repurchase restriction.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions since 1996. Its web platforms enable clients to find, purchase and sell products, exchange information, gain access to business opportunities and manage supply chain collaboration with greater speed and efficiency. The Company provides e-commerce solutions in the fields of electronic components, computer equipment and telecommunications, medical equipment, automotive aftermarket, wine and spirits, diamonds and jewelry, classified ads, recruitment and career services, online dating, supply chain collaboration and government opportunities. Mediagrif has its headquarters in Longueuil and has offices in North America and Asia. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. All amounts are in Canadian dollars.
SOURCE: Mediagrif Interactive Technologies Inc.
For further information:
Chief Executive Officer
Tel.: 450 449-0102 ext. 2004
Toll Free: 1 877 677-9088 ext. 2004
Email: [email protected]
Chief Financial Officer
Tel.: 450 449-0102 ext. 2135
Toll Free: 1 877 677-9088 ext. 2135
Email: [email protected]