/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, Aug. 31 /CNW/ - (TSXV - SYZ) Sylogist Ltd. ("Sylogist")
announced today that the TSXV Venture Exchange Inc. ("TSXV") has accepted
Sylogist's Notice of Intention to have a NCIB in place. The purchases pursuant
to the NCIB will be for cancellation. Sylogist believes that from time to time
the market price of the Sylogist Common Shares may not reflect their
underlying value and that, at such times, the purchase of Common Shares for
cancellation will increase the proportionate interest of, and be advantageous
to, all remaining holders of Common Shares. Any purchases made by Sylogist
will also afford increased liquidity to those holders of Common Shares of
Sylogist who may wish to dispose of their Common Shares.
As of the date hereof, there are 16,756,239 Common Shares issued and
outstanding, 9,768,828 of which shares constitute the public float. Under the
NCIB, Sylogist may purchase up to 976,882 Common Shares, which is 10% of the
public float. Sylogist, through its broker at BMO Nesbitt Burns, will
purchase the Common Shares on the open market through the facilities of the
TSXV. The price which Sylogist will pay for any Common Shares purchased will
be the prevailing market price of such Common Shares on the TSXV at the time
of purchase. Decisions regarding purchases of Common Shares pursuant to the
NCIB will be made by Sylogist.
The NCIB will commence on September 2, 2009, and will terminate on
September 1, 2010 or at such earlier times as the NCIB is completed or
terminated at the option of Sylogist.
Sylogist provides leading financial enterprise information management,
system connectivity solutions and portal applications to municipal, education
and private sector customers.
The Company's stock is traded on the TSX Venture Exchange under the
symbol SYZ. Information about Sylogist can be found at
This press release is not for distribution to United States Newswire
Services or for dissemination in the United States.
- 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 -
For further information:
For further information: Jim Wilson, President and CEO, Sylogist Ltd.,