TORONTO, Aug. 22, 2018 /CNW/ - NexJ Systems Inc. (TSX: NXJ), a provider of Intelligent Customer Management software, 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 such other permitted means (including through alternative trading systems in Canada), from time to time over the next 12 months, if considered advisable, up to an aggregate of 1,000,000 common shares, being approximately 4.8% of its common shares, as of August 14, 2018. Purchases may commence on August 24, 2018 and will conclude on the earlier of the date on which purchases under the bid have been completed and August 23, 2019. Based on NexJ's adjusted average daily trading volume from February 1 to July 31, 2018 of 4,404 trades, NexJ may only purchase up to 1,101 common shares per day pursuant to the NCIB, other than purchases made pursuant to the block purchase exception.
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 14, 2018, NexJ had 21,108,859 issued and outstanding common shares.
NexJ purchased common shares under a TSX approved normal course issuer bid through the facilities of the TSX and other Canadian alternative trading systems from August 24, 2017 to August 23, 2018. As of the date hereof, under that bid, NexJ has purchased and cancelled 164,548 common shares at a weighted average price of $2.66 per common share.
About NexJ Systems Inc.
NexJ Systems is a provider of Intelligent Customer Management software for the financial services industry. The Intelligent Customer Management suite is comprised of NexJ's award winning-products that use artificial intelligence to optimize customer management and increase advisor productivity, and cognitive applications that use machine learning to recommend the right actions to work smarter and faster.
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, Vice President, Marketing, NexJ Systems Inc., 416-227-3708, [email protected]