Evertz Technologies Limited

Evertz Technologies Limited

March 20, 2008 11:45 ET

Evertz Technologies Limited Announces TSX Approval of Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - March 20) –

Attention Business Editors:

Evertz Technologies Limited ("Evertz")(TSX:ET) announces that it has received acceptance from the Toronto Stock Exchange ("TSX") of its Notice of Intention to purchase up to 3,621,590 of its outstanding common shares from time to time in accordance with the normal course issuer bid procedures under applicable Canadian securities laws.

Pursuant to the issuer bid, Evertz may purchase for cancellation up to 3,621,590 of its outstanding common shares during the 12-month period commencing March 25, 2008 and ending March 24, 2009. The total aggregate number of common shares which Evertz may purchase pursuant to the issuer bid represents approximately 5% of the 72,431,806 issued and outstanding common shares of Evertz as at March 18, 2008.

The price which Evertz will pay for any common shares purchased under the normal course issuer bid will be the market price at the time of such purchase. All purchases of common shares by Evertz will be made through the facilities of TSX.

Evertz may purchase up to 12,831 common shares per day, which represents approximately 25% of the Evertz's average daily trading volume for the six calendar months prior to March 2008 (being 51,327 common shares), other than pursuant to block purchase exemptions.

Evertz believes that its common shares currently trade in a price range that does not adequately reflect their underlying value based on Evertz's business and strong financial position. As a result, depending upon future price movements and other factors, Evertz believes that its outstanding common shares represent an attractive investment and a desirable use of a portion of its corporate funds.

Forward-Looking Information

This press release contains forward-looking information reflecting Evertz' objectives, estimates and expectations. Such forward looking information contains words such as "may", "will", "believe" and other similar terminology of a forward-looking nature or negatives of those terms. Although the management of Evertz believes that the expectations reflected in such forward-looking information are reasonable, all forward-looking information addresses matters that involve known and unknown risks, uncertainties and other factors. Accordingly, there are or will be a number of significant factors which could cause Evertz's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

About Evertz

Evertz Technologies Limited (TSX:ET) designs, manufactures and markets video and audio infrastructure equipment for the production, post production, broadcast and internet protocol television ("IPTV") industry. The Evertz's solutions are purchased by content creators, broadcasters, specialty channels and television service providers to support their increasingly complex multi-channel digital and high definition television ("HDTV") broadcast environments and by telecommunications companies to roll-out IPTV. Evertz's products allow its customers to generate additional revenue while reducing costs through the more efficient signal routing, distribution, monitoring and management of content as well as the automation of previously manual processes.

Contact Information

  • Evertz Technologies Limited,
    Anthony Gridley, C.A.,
    VP Finance
    (905) 335-7580
    Fax: (905) 335-5785
    Email: ir@evertz.com