CALGARY, ALBERTA--(Marketwired - May 12, 2015) - (TSX VENTURE:SYZ) -
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Sylogist Ltd. ("Sylogist") announced today that it has given the TSX Venture Exchange Inc. ("TSXV") its Notice of Intention to have a normal course issuer bid ("NCIB") in place. The NCIB will commence only on acceptance and approval of the TSXV.
Sylogist believes that from time to time the market price of the Sylogist Common Shares may not reflect their underlying value and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining holders of Common Shares. Any purchases made by Sylogist will also afford increased liquidity to those holders of Common Shares of Sylogist who may wish to dispose of their Common Shares.
As of the date hereof, there are 25,002,862 Common Shares issued and outstanding, 22,669,230 of which shares constitute the public float. Under the NCIB, Sylogist may purchase up to 2,266,923 Common Shares, which is 10% of the public float. Sylogist, through its broker at BMO Nesbitt Burns, will purchase the Common Shares on the open market through the facilities of the TSXV. The price which Sylogist will pay for any Common Shares purchased will be the prevailing market price of such Common Shares on the TSXV at the time of purchase. Decisions regarding purchases of Common Shares pursuant to the NCIB will be made by Sylogist.
The NCIB will terminate on the earlier of: (i) one year from inception; or (ii) when permitted purchases thereunder are completed. Sylogist may otherwise elect to terminate the NCIB at any time.
About Sylogist
Sylogist is a technology innovation company which, through strategic acquisitions, investments and operations management, provides intellectual property solutions to a wide range of public and private sector customers.
The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release-
Contact Information:
Sylogist Ltd.
(403) 266-4808