CALGARY, ALBERTA--(Marketwired - Aug. 13, 2013) - CriticalControl Solutions Corp. ("CriticalControl" or the "Corporation"), (TSX:CCZ) today announced that it has received regulatory approval from the Toronto Stock Exchange ("TSX") to carry out a normal course issuer bid ("NCIB").CriticalControl has been authorized to purchase, through the facilities of the TSX, up to 3,858,000 issued and outstanding common shares ("Shares") representing 10% of the 38,580,000 Shares in the public float as of August 9, 2013.
As of August 9, 2013 the total number of issued and outstanding Shares was 52,235,012. The average daily trading volume for the six months ending on July 31, 2013 was 35,223 Shares. In accordance with TSX rules, a maximum daily purchase of 25% of this average may be made, representing 8,805 Shares. The Shares that CriticalControl intends to purchase pursuant to the NCIB will be cancelled. The NCIB is expected to commence on August 16, 2013 and will expire on August 15, 2014 or such earlier time as the NCIB is completed or terminated at the option of CriticalControl.
CriticalControl also announced that it has entered into an automatic share purchase plan ("purchase plan") with a broker in order to facilitate repurchases of its Shares under its NCIB. Under CriticalControl's purchase plan, CriticalControl's broker may repurchase Shares under the NCIB at any time including without limitation when CriticalControl would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by CriticalControl's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. The purchase plan has been reviewed by the TSX and will be implemented effective as of August 16, 2013.
CriticalControl and its Board of Directors believe that, from time to time, the market price of the Shares may not fully reflect their underlying value and that at such times the purchase of Shares would be in the best interests of CriticalControl. At times when the market price does not fully reflect the value of the Shares, such purchases would increase the proportionate interest of, and be advantageous to, all remaining shareholders.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend on future market conditions and on potential alternative uses for CriticalControl's cash resources. Any purchases will be subject to trading restrictions and will be made at the prevailing market price of the Shares at the time of purchase.
For the past twelve months, CriticalControl has not repurchased any Shares pursuant to a normal course issuer bid.
In a world of escalating globalization, with an increasingly transient workforce, enterprises have difficulty maintaining their knowledge and are forced to focus on their key market advantages to remain competitive. CriticalControl provides these enterprises with secure and cost effective solutions for the completion of document and information intensive business processes through an integrated offering of software, outsourced services and optimized business processes.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.