Sandvine Corporation
TSX : SVC
AIM : SAND

Sandvine Corporation

November 20, 2006 09:43 ET

Over-Allotment Option Exercised for the Sale of Additional Sandvine Corporation Common Shares by Certain Selling Shareholders

WATERLOO, ONTARIO--(CCNMatthews - Nov. 20, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

Sandvine Corporation (TSX:SVC)(AIM:SAND) announces that Canaccord Capital Corporation, CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc. have today completed the exercise of the over-allotment option granted to them by The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., VenGrowth V Limited Partnership, VenGrowth V Sidecar Limited Partnership, Waterloo Tech Capital LP, Waterloo Ventures Inc. and BDC Capital Inc. (the "Selling Shareholders") in connection with Sandvine's public offering of common shares, which closed on October 26, 2006.

No additional shares have been issued from treasury and Sandvine has not received any proceeds from the sale of common shares pursuant to the exercise of the over-allotment option.

The over-allotment option was exercised in full and resulted in the sale of an additional 3,157,950 common shares by the Selling Shareholders at a placing price of $1.90 per common share.

The common shares issued pursuant to the exercise of the over-allotment option have not been, and will not be, registered under the United Securities Act of 1933, as amended (the "Act") and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. Accordingly, this press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or same would be unlawful prior to qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

Any forward-looking statements in this press release are based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from projections suggested in any forward-looking statements due to a number of risks including those associated with the business of Sandvine, the proposed offering and regulatory matters. Sandvine assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties are contained in Sandvine's prospectus filed with the Canadian securities regulatory authorities, available at www.sedar.com.

About Sandvine Corporation

Sandvine is headquartered in Waterloo, Ontario, Canada and has operations worldwide. Sandvine develops and markets broadband network management equipment and solutions for use by residential broadband service providers. Its network management equipment and solutions help broadband service providers identify the types and behaviours of traffic on their networks, with the aim of allowing service providers to improve subscriber satisfaction, reduce operational costs and increase profitability.

Contact Information

  • Sandvine Corporation
    Amanda Weber
    Director, Communications
    (519) 880-2600
    or
    Sandvine Corporation
    Scott Hamilton
    Chief Financial Officer
    (519) 880-2600
    or
    Buchanan Communications
    Jeremy Garcia/Bobby Morse
    + 44 20 7466 5000
    or
    Canaccord Adams
    Chris Bowman
    + 44 20 7518 2777