Aastra Technologies Limited

Aastra Technologies Limited

November 09, 2006 14:32 ET

Aastra Announces Intent to Repurchase Up to $62 Million of its Common Shares

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2006) - Aastra Technologies Limited - (TSX:AAH) today announced that its Board of Directors has authorized an offer to repurchase for cancellation up to $62 million of its common shares, in a range of $30.00 to $33.00 per share, through a Dutch auction issuer bid. The maximum number of common shares that may be purchased pursuant to the bid is 2,066,666 or approximately 12.2% of Aastra's 16,906,334 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 that will allow it to buy $62 million of shares (the "Purchase Price"). 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 $62 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 November 10, 2006. The offer, which is subject to regulatory approval, will expire at 8:30 p.m. ET (Toronto time) on or about December 19, 2006, unless extended by Aastra.

Since August 2006, Aastra has, pursuant to its previously announced normal course issuer bid, purchased for cancellation 757,500 common shares at prices ranging from $27.37 to $30.54. Aastra will cease purchasing common shares pursuant to its normal course issuer bid until at least 20 business days after the expiration or termination of the offer.

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.

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: market price of the Common Shares make their purchase an attractive and appropriate use of Aastra's corporate funds. 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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