LONGUEUIL, QC, Aug. 16 /CNW Telbec/ - Mediagrif Interactive
Technologies Inc. (TSX: MDF), a world-leading developer of e-business networks
and provider of complete e-business solutions, today announced that its Board
of Directors has authorized an offer to repurchase for cancellation up to
$25 million of its common shares, in a range of $7.80 to $ 9.50 per share,
through a modified Dutch auction issuer bid. The maximum number of common
shares that may be purchased pursuant to the bid is 3,205,128 or approximately
18% of Mediagrif's 17,786,745 million total issued and outstanding common
The Board of Directors of Mediagrif has determined that the purchase of
common shares pursuant to this issuer bid represents an effective use of
Mediagrif's financial resources and is in the best interests of its
shareholders. After giving effect to the issuer bid, Mediagrif will continue
to have sufficient financial resources and working capital to conduct its
ongoing business and operations, to implement its strategic plan and to fund
the future growth of its business.
The modified Dutch auction tender procedure allows shareholders to select
the price, within the specified range, at which each shareholder is willing to
sell all or a portion of the common shares he or she owns. Upon expiration of
the offer, Mediagrif will select the lowest purchase price (the "Purchase
Price") that will allow it to buy up to $25 million of common shares. Shares
tendered at or below the Purchase Price will be purchased at the Purchase
Price subject to pro-ration to the extent that the aggregate cost to purchase
all of such common shares exceeds $25 million.
An issuer bid circular containing full details of the offer and
procedures for tendering common shares is expected to be mailed to
shareholders on or about August 17, 2007. The offer, which is subject to
regulatory approval, will expire at 5:00 p.m. ET (Montreal time) on
September 25, 2007, unless extended by Mediagrif. Mediagrif has retained RBC
Capital Markets to act as Dealer Manager in connection with this offer
Since March 1, 2007, Mediagrif has, pursuant to its previously announced
normal course issuer bid, purchased for cancellation 114,700 common shares at
prices ranging from $9.10 to $9.55. Mediagrif will cease purchasing common
shares pursuant to its normal course issuer bid until at least 20 business
days after the expiration or termination of the offer.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) is a world-leading
operator of e-business networks and provider of complete e-business solutions.
Mediagrif's e-business networks allow buyers and sellers within specific
industries to source, purchase or sell products and to exchange documents more
efficiently using the Internet. Mediagrif operates 14 networks, including
industry leaders www.brokerforum.com, www.powersourceonline.com,
www.telecomfinders.com, www.globalwinespirits.com and www.polygon.net.
Mediagrif also owns MERX, www.merx.com, the exclusive provider of e-publishing
services to the Government of Canada, and is a leading provider of government
bid aggregation services and e-procurement services in the U.S. Headquartered
in Longueuil, Mediagrif has various offices in Canada, the U.S, China, India
and Dubai. For more information, please visit us at www.mediagrif.com or call
1 877 677-9088.
This press release contains forward-looking information or
forward-looking statements within the meaning of applicable securities
legislation ("forward-looking statements"). Any statements that express or
involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, potentials, future events or performance
(often, but not always, using words or phrases such as "believes", "expects"
or "does not expect", "is expected", "anticipates" or "does not anticipate",
or "intends" or stating that certain actions, events or results "may",
"could", "would", "might" or "will" be taken or achieved) are not statements
of historical fact, but are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of Mediagrif,
or developments in Mediagrif's business or in its industry, to differ
materially from the anticipated results, performance, achievements or
developments expressed or implied by such forward-looking statements.
Forward-looking statements may include, but are not limited to: market price
of the Common Shares make their purchase an attractive and appropriate use of
Mediagrif's corporate funds. It is important to note that: unless otherwise
indicated, forward-looking statements in this press release describe
Mediagrif's expectations as of the date of this press release; Mediagrif
cautions readers not to place undue reliance on the forward-looking statements
in this press release as actual results may differ materially from
expectations if known and unknown risks or uncertainties affect Mediagrif's
business, or if estimates or assumptions prove inaccurate. Therefore,
Mediagrif cannot provide any assurance that forward-looking statements will
materialize and Mediagrif assumes no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events or other reason.
For further information:
For further information: Catherine Allard, Chief Financial Officer,
Mediagrif Interactive Technologies Inc., (450) 677-8797 ext. 2133,
firstname.lastname@example.org; Kathy Roberge, Director, Communications, Mediagrif
Interactive Technologies Inc., (450) 677-8797 ext. 3014,