TORONTO, Dec. 12, 2013 /CNW/ - NexJ Systems Inc. (TSX: NXJ), a provider of cloud-based software delivering enterprise solutions for the financial services, insurance, and healthcare industries, today announced acceptance by the Toronto Stock Exchange (the "TSX") of NexJ's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB").
Pursuant to the NCIB, NexJ proposes to purchase through all available markets and/or alternative trading systems, including the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 1,000,000 common shares, being approximately 4.7% of its common shares, as of December 10, 2013. Purchases may commence on December 16, 2013 and will conclude on the earlier of the date on which purchases under the bid have been completed and December 15, 2014. Based on NexJ's average daily trading volume from June 1 to November 30, 2013 of 57,358 trades, NexJ may only purchase up to 14,339 common shares per day pursuant to the NCIB. GMP Securities L.P. will be appointed as the broker firm responsible for making purchases of common shares under the NCIB on behalf of NexJ, having regard to the rules of the TSX.
The Board of Directors of NexJ believes that the proposed purchases are in the best interests of NexJ and are a desirable use of corporate funds. All common shares purchased by NexJ will be cancelled.
As of December 10, 2013, NexJ had 21,328,285 issued and outstanding common shares.
About NexJ Systems Inc.
NexJ is a provider of cloud-based software, delivering enterprise solutions for the financial services, insurance and healthcare industries. Our next-generation, people-centered software combines industry-specific functionality with information from multiple applications and data stores to provide comprehensive knowledge of the individual.
NexJ is named as Canada's fastest growing company in the 24th Annual PROFIT 200 ranking by PROFIT Magazine, and ranks in the top 5 of the Deloitte Technology Fast 50™ for the third consecutive year. Based in Toronto, NexJ has clients throughout North America and in Europe. For more information about NexJ, visit www.nexj.com, e-mail [email protected], or call 416-222-5611. Join us on LinkedIn, follow us on Twitter, subscribe to our YouTube channel, like us on Facebook or hang out with us on Google+.
NexJ Forward-looking Statement
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on NexJ's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. NexJ's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see NexJ's securities filings with the OSC and other securities regulators. NexJ securities filings are available on www.sedar.com. Unless otherwise required by applicable securities laws, NexJ disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: NexJ Systems Inc.
For further information:
Director, Corporate Communications
NexJ Systems Inc.