SYLOGIST LTD. ANNOUNCES NORMAL COURSE ISSUER BID
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CALGARY, Sept. 13 /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 normal course issuer bid ("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 20,089,596 Common Shares issued and outstanding, 13,387,290 of which shares constitute the public float. Under the NCIB, Sylogist may purchase up to 1,338,729 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 13, 2010, and will terminate on September 12, 2011 or at such earlier times as the NCIB is completed or terminated at the option of Sylogist.
About Sylogist --------------
Sylogist provides leading financial enterprise information management systems, system connectivity solutions and portal applications to municipal, education and private sector customers.
Sylogist's stock is traded on the TSXV under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information: Jim Wilson, President and CEO, Sylogist Ltd., (403) 266-4808
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