Synergex Corporation
TSX : SYX

Synergex Corporation

June 19, 2008 13:45 ET

Synergex Corporation Announces Normal Course Issuer Bid For Common Shares

TORONTO, ONTARIO--(Marketwire - June 19, 2008) - Synergex Corporation (TSX:"SYX") announced today that the Toronto Stock Exchange (the "TSX") has accepted Synergex' Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, Synergex proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 5,580,139 Common Shares of Synergex, representing approximately 5% of the issued and outstanding Common Shares of Synergex as of the date hereof. There are 111,602,785 issued and outstanding Common Share of Synergex as of the date hereof. Synergex will not purchase on any given trading day, in the aggregate, more than (i) 25% of the average daily trading volume of the Common Shares; or (ii) 1,000 Common Shares, whichever is greater. Purchases of Common Shares under the NCIB may commence on June 23, 2008. The Board of Directors of Synergex believes that such purchases are in the best interests of Synergex and are a desirable use of Synergex' funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Common Shares purchased by Synergex pursuant to the NCIB will be cancelled. The NCIB will expire on June 22, 2009.

David Aiello, Synergex' President and CEO, commented, "The Company's Board of Directors and management believe that the recent trading price range of Synergex' common shares is not fully reflective of the value of the Company's business and future prospects. Therefore, the repurchase of Synergex' common shares represents an attractive investment. This action also reflects a strong belief in our strategic plan to grow the Company."

About Synergex Corporation

Synergex is a Canadian based international integrated logistics company providing distribution, freight forwarding and logistic services under its Commercial Gateway business group. It is among the largest distributors of video games, game consoles, portable units, and accessories in Canada.

Product lines are being expanded to include other licensed products, related to video games or their license owners, taking advantage of the wide range of products originating from movies, home entertainment and licensed characters often included within, or resulting from, the creation of video games.

Headquartered in Mississauga Ontario, with operations across North, Central and South America, Synergex serves a broad base of customers that includes a number of multinational enterprises. Synergex is listed on the Toronto Stock Exchange and trades under the symbol SYX. For further information, please visit www.syx.ca.

Forward-Looking Statements

Some of the statements contained in this news release may be forward-looking statements such as the Company's future plans, objectives and goals. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties, which could cause actual results to vary considerably from these statements.

Contact Information

  • Company Contact:
    Synergex Corporation
    David Aiello
    President and CEO
    (905) 565-1212
    Email: david.aiello@syx.ca
    or
    Synergex Corporation
    John L. Smith
    SVP
    (905) 565-1212
    Email: john.smith@syx.ca
    or
    Synergex Corporation
    Eric So
    Vice-President, Corporate Strategy & General Counsel
    (905) 740-3274
    Email: eric.so@syx.ca
    Website: www.syx.ca
    or
    Investor Contact:
    Kilmer Lucas Inc.
    Stephen Kilmer
    Managing Partner
    (905) 690-2400 ext. 21
    Email: stephen@kilmerlucas.com
    or
    Media Contact:
    Kilmer Lucas Inc.
    Leonard Zehr
    Senior Partner
    (905) 690-2400 ext. 41
    Email: len@kilmerlucas.com