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CALGARY, Feb. 21, 2012 /CNW/ - Sylogist Ltd. ("Sylogist" or the "Company") - (TSX-V:SYZ), is pleased to announce, commensurate with increasing cash flow from operations, a dividend of 3.0 cents per share on Sylogist's Common Shares, representing a 20% increase over the dividend declared and paid in the previous quarter. The dividend will be paid on March 15, 2012 to shareholders of record at the close of business on February 29, 2012 and should be treated as an "eligible dividend" within the meaning of the Income Tax Act (Canada).
Further, the Company is pleased to announce that at its Annual General and Special Meeting held on February 16, 2012, the shareholders re-elected James D. Wilson, Ronald P. Cherkas, C. Fraser Elliott and David O.C. Elder as directors and appointed Deloitte & Touche LLP as auditors of the Company. At its meeting following the AGM, the Board appointed Mr. Elliott (Chair), Mr. Cherkas and Mr. Wilson to the Audit Committee, and Mr. Cherkas (Chair) and Mr. Elliott to the Compensation Committee of the Board. Concurrently, the Board, in accordance with the Corporation's Stock Option Plan, granted an aggregate 308,335 options to purchase common shares of the Company at market to officers and directors of the Company.
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".
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sylogist. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Sylogist does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
- 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:
Jim Wilson, President and CEO