Brainhunter Inc.

Brainhunter Inc.

March 13, 2008 13:29 ET

Brainhunter Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - March 13, 2008) -


Brainhunter Inc. ("Brainhunter" or the "Corporation") (TSX:BH) today announced that it intends to make a normal course issuer bid ("NCIB"), subject to approval of the Toronto Stock Exchange ("TSX"), to purchase its common shares ("Common Shares") through the facilities of the TSX.

As at March 12, 2008, there were 43,958,411 Common Shares issued and outstanding. The number of shares which may be purchased during the period of the NCIB will not exceed 2,500,000 Common Shares, which is approximately 10% of 25,000,000 shares, the approximate public float of Common Shares issued and outstanding as of March 12, 2008 (shares not owned, controlled or directed by directors or officers).

The actual number of Common Shares purchased, if any, and the timing of such purchases will be determined by Brainhunter after considering market conditions, stock price, its cash position, and other factors.

Brainhunter believes that its Common Shares have been trading in a price range which does not adequately reflect their value in relation to the Corporation's business and its future business prospects and accordingly, may represent an attractive investment and a desirable use of its available funds. Brainhunter's use of available funds to purchase its Common Shares would also provide additional liquidity to shareholders. As a result, the Board of Directors of Brainhunter has authorized the NCIB.

Any purchases made pursuant to the NCIB will be made in accordance with the rules of the TSX and will be made at the market price of the Common Shares at the time of the acquisition. Brainhunter will make no purchases of Common Shares other than open-market purchases which may be made during the period that the NCIB is outstanding. Subject to any weekly block purchases made in accordance with the rules of the TSX, Brainhunter will be subject to a daily repurchase restriction of 4,498 Common Shares, which represents 25% of the average daily trading volume of Brainhunter's Common Shares on the TSX for the six (6) months ended February 29, 2008. Block purchases are purchases that are $200,000 or greater, purchases of at least 5,000 shares with a purchase price of not less than $50,000, or at least 20 board lots of shares that total a minimum of 150% of the average daily volume.

Purchases under the NCIB are expected to be permitted to commence on or about March 20, 2008 and will terminate on March 20, 2009 or the date upon which the maximum number of Common Shares have been purchased by Brainhunter pursuant to the NCIB. There cannot be any assurances as to how many shares, if any, will be acquired by Brainhunter under the NCIB. However, Brainhunter intends that any shares purchased pursuant to the NCIB will be cancelled.


Brainhunter Inc. is publicly traded on the TSX and is a leading global provider of end-to-end HCM Software, Solutions and Services (the "Offerings"). Utilizing ISO 9001/2000 technology, Best Practices and processes, Brainhunter has created Offerings that streamline the recruitment and management of permanent, contract and project based people requirements and provides real time analysis of HR metrics that improves operational decision-making and reduces cost. Brainhunter has over 250 employees and over 1,800 contract personnel with offices across Canada, a presence in select U.S. jurisdictions and offices in India, China and the U.K., servicing over 2,000 clients.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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