Aastra Technologies Limited
TSX : AAH

Aastra Technologies Limited

December 20, 2006 09:56 ET

Aastra Announces Final Results of Substantial Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Dec. 20, 2006) - Aastra Technologies Limited (TSX:AAH) today announced the final results of its modified Dutch auction-type substantial issuer bid to repurchase up to $62 million of its common shares (the "Offer"), which expired at 8:30 p.m. (EST) on December 19, 2006.

Based on the final report provided by the depositary for the Offer, 901,511 common shares have been deposited and not withdrawn prior to Aastra's notification and instruction to take up the deposited common shares. Pursuant to the terms of the Offer, Aastra determined the Purchase Price to be $33.00 per common share to allow it to take up the maximum number of common shares deposited to the Offer for an aggregate purchase amount of $29,749,863.

All common shares properly deposited to the Offer at auction tender prices below the Purchase Price will be purchased at the Purchase Price. Payment to holders of common shares tendered and accepted for purchase will be made as soon as practicable, but otherwise in compliance with the Offer.

The purchased common shares represent approximately 5.3% of the common shares outstanding as of December 19, 2006. After the purchase, approximately 16.0 million common shares will remain outstanding.

About Aastra Technologies Limited

Aastra Technologies Limited (TSX:AAH), headquartered in Concord, Ontario, Canada, develops and markets products and systems for accessing communication networks. Aastra's products include a full range of residential and business telephone terminals, Enterprise Private Branch Exchanges (PBX) and network access servers. Aastra serves the majority of telephone companies in North America and Europe, with a growing presence in South America and Asia. For more information on Aastra, visit our Web site at http://www.aastra.com.

Contact Information