Aastra Technologies Limited

Aastra Technologies Limited

December 17, 2008 08:56 ET

Aastra Announces Intent to Repurchase Up to $25 Million of Its Common Shares

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) - Aastra Technologies Limited - (TSX:AAH) today announced that its Board of Directors has authorized an offer to repurchase for cancellation up to $25 million of its common shares, in a range of CDN$10.00 to CDN$12.50 per share, through a Dutch auction issuer bid. The maximum number of common shares that may be purchased pursuant to the bid is 2,500,000 or approximately 16.9% of Aastra's 14.77 million total issued and outstanding common shares.

The Dutch auction tender procedure allows shareholders to select the price, within the specified range, at which each shareholder is willing to sell all or a portion of the common shares he or she owns. Upon expiration of the offer, Aastra will select the lowest purchase price (the "Purchase Price") that will allow it to buy $25 million of shares. Shares tendered at or below the Purchase Price will be purchased at the Purchase Price subject to pro-ration to the extent that the aggregate cost to purchase all of such common shares exceeds $25 million.

An issuer bid circular containing full details of the offer and procedures for tendering common shares is expected to be mailed to shareholders on or about December 18, 2008. The offer, which is subject to regulatory approval, will expire at 4:30 p.m. ET (Toronto time) on or about January 27, 2009, unless extended by Aastra.

Aastra has purchased the maximum number of common shares permitted pursuant to its normal course issuer bid and its previously announced normal course issuer bid has consequently been terminated.

Aastra has retained TD Securities Inc. to act as exclusive financial advisor and Dealer Manager in connection with this substantial issuer bid.

About Aastra Technologies Limited

Aastra Technologies Limited (TSX:AAH), is a global company at the forefront of the Enterprise Communication market. Headquartered in Concord, Ontario, Canada, Aastra develops and delivers innovative and integrated solutions that address the communication needs of businesses small and large around the world. Aastra enables Enterprises to communicate and collaborate more efficiently and effectively by offering customers a full range of open standard IP-based and traditional communications networking products, including terminals, systems, and applications. For additional information on Aastra, visit our website at http://www.aastra.com.

This press release contains forward-looking information or forward-looking statements within the meaning of applicable securities legislation ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", or "intends" or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken or achieved) are not statements of historical fact, but are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Aastra, or developments in Aastra's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to: the number of shares Aastra may repurchase under the substantial issuer bid, the substantial issuer bid may or may not be an appropriate use of Aastra's corporate funds, the market price of the Common Shares may mean that the prices at which Aastra offers to repurchase the Common Shares are attractive to its shareholders and other factors set out in Aastra's public filings with securities regulators from time to time. It is important to note that: unless otherwise indicated, forward-looking statements in this press release describe Aastra's expectations as of the date of this press release; Aastra cautions readers not to place undue reliance on the forward-looking statements in this press release as actual results may differ materially from expectations if known and unknown risks or uncertainties affect Aastra's business, or if estimates or assumptions prove inaccurate. Therefore, Aastra cannot provide any assurance that forward-looking statements will materialize and Aastra assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or other reason.

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