TORONTO, Aug. 20, 2015 /CNW/ - NexJ Systems Inc. (TSX: NXJ), a provider of 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 on the open market through the facilities of the TSX or alternative Canadian trading systems, 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 August 12, 2015. Purchases may commence on August 24, 2015 and will conclude on the earlier of the date on which purchases under the bid have been completed and August 23, 2016. Based on NexJ's average daily trading volume from February 1 to July 31, 2015 of 6,076 trades, NexJ may only purchase up to 1,518 common shares per day pursuant to the NCIB.
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 August 12, 2015, NexJ had 21,409,346 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.
Based in Toronto, NexJ has clients throughout North America, Asia Pacific 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: Matthew Bogart, Senior Director, Corporate Communications, NexJ Systems Inc., 416-227-3708, [email protected]