Momentum Advanced Solutions Inc.

Momentum Advanced Solutions Inc.

March 19, 2008 17:00 ET

Momentum Establishes Automatic Share Repurchase Program in Connection With Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - March 19, 2008) - Momentum Advanced Solutions Inc. (TSX:WWW), ("Momentum" or the "Company"), a leader in IT hosting and managed website services, today announced that it has established an Automatic Share Repurchase Program (the "Program") which will allow Momentum's broker to automatically purchase Momentum's common shares based on pre-arranged criteria. Purchases can now be made during periods when Momentum would otherwise be restricted from buying shares based on insider trading or other securities rules.

The Program is being administered by Momentum's broker, PI Financial Corp and conducted in connection with Momentum's Normal Course Issuer Bid ("NCIB"). The NCIB is in place as Momentum fundamentally believes that its shares have been trading at prices which do not adequately reflect their value in relation to Momentum's restructured business and future prospects. The NCIB allows for the purchase of up to 2,500,000 common shares with 1,153,600 common shares purchased to date.

The Program will terminate on the earlier of the date when the maximum number of common shares have been purchased under the NCIB, July 28, 2008, or otherwise in accordance with the Program. Momentum may choose to renew the Program from time to time to continue to allow for purchases of Momentum's common shares to be made automatically during blackout and non-blackout periods based on pre-arranged criteria established by the Board of Directors.

Forward Looking Statements

Readers should take note that certain statements in this press release are forward-looking and may not give full weight to all of the potential risks and uncertainties. These forward-looking statements include statements that are subject to risks and uncertainties as more particularly described in Management's Discussion and Analysis contained in Momentum's most recent Annual Report. Forward-looking statements are subject by their nature to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the forward-looking statements. Any forward-looking statements speak only as of the date made. The company is not undertaking to update any information in the foregoing reports unless or until required by securities laws.

About Momentum Advanced Solutions Inc.

Momentum is a leader in Web outsourcing services. Its solutions provide customers with the innovation, integration, and operational expertise needed to reduce costs and/or improve productivity by outsourcing their mission critical, web-based applications and infrastructure to Momentum. Headquartered in Markham, Ontario, Momentum has offices in Ottawa, Windsor, and Toronto. Momentum trades on the Toronto Stock Exchange under the symbol WWW.

Contact Information

  • Momentum Advanced Solutions Inc.
    Sheldon Pollack
    Chief Executive Officer
    (905) 709-6825
    Momentum Advanced Solutions Inc.
    Daren Selfe, CA
    Chief Financial Officer
    (905) 709-6800