OTTAWA, ONTARIO--(Marketwire - Sept. 14, 2011) - C-COM Satellite Systems Inc. (TSX VENTURE:CMI) ("C-COM") today announced its intent to conduct a Normal Course Issuer Bid (the "Bid") pursuant to the provisions of applicable securities laws and TSX Venture Exchange Policy 5.6.
The Bid will consist of the purchase on the TSX Venture Exchange, from time to time, if and to the extent C-COM considers it advisable, of up to 2,000,000 common shares, representing approximately 5.8% of the outstanding common shares of C-COM and approximately 9.2% of the outstanding common shares excluding shares that are known to be held by promoters, insiders and pro-group members and their associates and affiliates. There are currently 34,546,356 common shares of C-COM issued and outstanding. The period during which purchases may be made under the Bid will commence on September 15, 2011, and will terminate on September 14, 2012 or earlier if the numbers of shares sought in the Bid have been obtained. C-COM reserves the right to terminate the Bid earlier if it feels it is appropriate to do so. All shares acquired under the Bid will be returned to treasury for cancellation.
Common shares acquired by C-COM under the Bid will be purchased at the market price at the time of purchase and will be purchased on behalf of C-COM by BMO Nesbitt Burns Inc., C-COM's broker in connection with the Bid, in accordance with the rules and policies of the TSX Venture Exchange.
C-COM is initiating the Bid because it believes that, at certain times, the market price for the common shares of C-COM may not reflect the underlying value of its business and its future prospect and that the repurchase of common shares at current market prices is an appropriate use of corporate funds.
About C-COM Satellite Systems, Inc.
C-COM Satellite Systems Inc. is a leader in the development and deployment of commercial grade mobile satellite-based technology for the delivery of two-way high-speed Internet, VoIP and Video services into vehicles. C-COM has developed a unique proprietary mobile auto-deploying (iNetVu®) antenna that allows the delivery of high-speed satellite based Internet services into vehicles while stationary virtually anywhere where one can drive. The iNetVu® mobile antennas have also been adapted to be airline checkable and easily transportable. The company's satellite-based products and services deliver high-quality, cost-effective solutions for both fixed and mobile applications throughout the world. More information is available at: www.c-comsat.com
iNetVu® is a registered trademark of C-COM Satellite Systems Inc.
Neither 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.
Contact Information:
C-COM Satellite Systems Inc.
(613) 745-4110 ext. 4950
(613) 745-1172 (FAX)
lklein@c-comsat.com