Webtech Wireless Inc.

Webtech Wireless Inc.

March 20, 2015 08:00 ET

Webtech Wireless Announces Acceptance by TSX to Renew Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 20, 2015) - Webtech Wireless Inc. (TSX:WEW) ("Webtech Wireless" or the "Company"), a leading provider of GPS fleet management solutions, announced today acceptance by the Toronto Stock Exchange (the "TSX") of Webtech Wireless' Notice of Intention to Make a Normal Course Issuer Bid ("NCIB").

Pursuant to the NCIB, Webtech Wireless proposes to purchase through the facilities of the TSX and other Canadian marketplaces, from time to time over the next 12 months, up to an aggregate of 1,704,355, representing approximately 10% of the Company's "public float" (as defined in the by-laws, rules, regulations and policies of the TSX) and being approximately 8.5% of its 20,108,747 issued and outstanding common shares ("Common Shares"), as of March 19, 2015.

Purchases may commence through the TSX on March 30, 2015 and will conclude on the earlier of the date on which purchases under the bid have been completed and March 29, 2016. Daily purchases under the NCIB will be limited to a maximum of 2,119 Common Shares, being 25% of the average trading volume of the previous six months, other than purchases made in compliance with the provisions of the block purchase exemption of the TSX rules.

PI Financial Corp. will continue as the broker firm responsible for making purchases of Common Shares under the NCIB on behalf of Webtech Wireless, pursuant to an automatic purchase plan agreement (the "APP Agreement"). Under the APP Agreement, the timing for the purchase of Common Shares, the number of Common Shares purchased and the price payable for the Common Shares will be determined by PI Financial Corp. in its sole discretion, subject to a prescribed maximum price payable, without consultation with Webtech Wireless, having regard to the price limitations and other terms of the APP Agreement and the rules of the TSX.

The Board of Directors of Webtech Wireless believes that the proposed purchase of up to 1,704,355 Common Shares is in the best interests of Webtech Wireless and that such purchases constitute a desirable use of the funds of the Company. All Common Shares purchased by Webtech Wireless will be cancelled.

Under its previously approved NCIB program that will expire on March 27, 2015, as of March 19, 2015 Webtech Wireless had repurchased 1,031,555 Shares at an aggregate cost of approximately $2.0 million, representing a weighted average repurchase price of $1.93 per common share. All of the repurchased Common Shares purchased to date have been or will be subsequently cancelled.

About Webtech Wireless®

Webtech Wireless (TSX:WEW) is a leader in providing fleet management telematics, GPS and automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs. Our end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. Managers trust us to ensure people are accountable and vehicles are visible. Through the cloud, in the office, or straight to mobile devices, we deliver Fleet Intelligence Anywhere™. Our solutions, Webtech Fleet Center™ and InterFleet®, and our products, Webtech Driver Center™ and Webtech 511®, provide advanced fleet management solutions for winter maintenance, public works and waste management fleets; and, for commercial fleet operations and compliance (HOS, ELD). Please visit www.webtechwireless.com.

All amounts in Canadian dollars (CAD$) unless otherwise noted. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. Trademarks are the property of their owners.

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