/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Aug. 7, 2012 /CNW/ - Sylogist Ltd. (TSXV: SYZ) announces that, pursuant to an exempt issuer bid, it has today acquired for cancellation 390,000 of its shares at market from Jim Wilson, its President and CEO. These shares were held by Mr. Wilson in his registered retirement savings plan. Sylogist has been advised that recently enacted changes to the Income Tax Act (Canada) prohibit holding greater than a 10% ownership in companies within registered plans. Plan owners, such as Mr. Wilson, are obliged to divest such prohibited interests within their registered plans over the defined transition period or be faced with substantial penalties.
Sylogist's purchase is exempt under section 4.7 of Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and OSC Rule 61-501 which applies to TSX-V issuers. Sylogist's exempt issuer bid is being carried out as direct private purchase without using the facilities of the TSXV or the assistance of any participating organization. In the circumstances, it is reasonable that Sylogist file a material change report describing its purchase on completion.
Subsequent to this purchase and cancellation, Sylogist will have 19,515,235 shares issued and outstanding.
Sylogist is a technology innovation and licensing company which, through strategic acquisitions, investments and operations management, provides intellectual property solutions to a wide range of public and private sector customers. The Company's stock is traded on the TSX Venture Exchange under the symbol "SYZ".
- 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: Sylogist Ltd.
For further information:
Jim Wilson, President and CEO