SAN DIEGO, CA, March 30, 2016 /CNW/ - Pivot Technology Solutions, Inc. ("Pivot" or the "Company") (TSX-V: PTG) today announced that Pivot's Board has resolved to implement the Company's previously-announced normal course issuer bid ("NCIB"). The NCIB will allow Pivot to repurchase up to 5% of the Company's issued and outstanding common shares, calculated in accordance with TSX-V regulations over a twelve month period commencing on or about April 1, 2016. Implementation of the NCIB is subject to approval by the TSX-V.
"The commencement of the NCIB is reflective of our confidence in the business," stated Warren Barnes, CEO of Pivot. "We believe that repurchasing our shares is an effective use of the Company's excess cash, and will leverage our ability to drive earnings per share going forward."
About Pivot Technology Solutions, Inc.
Together with its portfolio companies and partners, Pivot delivers solutions that enable organizations to design, build, implement and maintain computing and communication infrastructure that addresses their unique business needs. Pivot's approach supports improvement of business performance, helps organizations reduce capital and operating expenses, and accelerates the delivery of new products and services to end-customers. With over 2,000 clients, many of whom are Fortune 1,000 companies, Pivot extends its value added solutions to help organizations of all sizes improve operating efficiency, reduce complexity and enhance service delivery through virtualization and cloud computing. Pivot enables businesses to extend their enterprise through mobility solutions to better connect business partners and customers. Pivot has offices throughout North America and can be found online at www.pivotts.com.
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include statements regarding the implementation of an NCIB and stock exchange approval. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results, to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: the receipt of stock exchange approval for the NCIB may not be obtained on the terms expected or on the anticipated schedule, and the commencement date of the NCIB may be delayed. Pivot cautions that the foregoing list of important factors is not exhaustive.
The material assumptions underlying such forward-looking statements, including the assumption that the repurchase of common shares contemplated by the NCIB will be permitted at all times under Pivot's credit facilities and that all required regulatory approvals will be obtained, may be found in Pivot's management's discussion and analysis. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, Pivot undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pivot Technology Solutions, Inc.
For further information: Marc Lakmaaker, NATIONAL Equicom, [email protected], Tel: 416 848 1397; Kerri Brass, CFO, Pivot Technology Solutions, [email protected]; Andrew Bentley, Pivot Technology Solutions, Tel: 647 788 2034, [email protected]