RICHMOND, British Columbia, Feb. 26, 2008 (PRIME NEWSWIRE) -- CON-SPACE Communications Ltd. (TSX-V:CCB) (http://www.con-space.com) announced today its intention to commence a normal course issuer bid for up to 850,000 of its common shares, representing approximately 10.0% of the public float of the Company. As at February 25, 2008, there were 14,773,380 common shares of the Company outstanding. Purchases will be by way of open market purchases through the facilities of the TSX-V, and conducted at the market price at the time of acquisition. All shares purchased by the Company will be subsequently canceled.
The Company has received approval from the TSX-V to commence this bid on March 3, 2008. The bid will end on March 2, 2009 or earlier if the number of shares sought in the issuer bid have been obtained. The Company reserves the right to terminate the bid earlier if it feels it is appropriate to do so. Pursuant to TSX-V policies, the Company's purchases will not, when aggregated with the total of all other purchases in the preceding 30 days exceed 2% of the total issued and outstanding common shares of the Company at the time the purchases are made; and over the 12-month period beginning on March 3, 2008, do not exceed the greater of 10% of the Public Float; and 5% of the issued and outstanding common shares on February 25, 2008.
All shares will be purchased on the open market through the facilities of the TSX-V, and payment for the shares will be in accordance with the TSX-V's policies. No purchases will be made other than by means of open market transactions during the term of the normal course issuer bid. The Company has engaged Leede Financial Markets Inc. to conduct the bid on the Company's behalf.
To the knowledge of the Company, after reasonable inquiry, no director or senior officer and no other person holding 10% or more of any class of equity shares of the Company and no associate or affiliate of any of the foregoing and no person acting jointly or in concert with the Company currently proposes to sell common shares of the Company during the course of the normal course issuer bid. Directors and senior officers may also during such period sell common shares through the facilities of the TSX-V. All of these persons have been advised that if they do sell common shares during the course of this bid, they are to advise the Company and the Company will ensure that it is not active in the market at the time such sales occur. The Company has not purchased any of its common shares during the preceding 12 months pursuant to a normal course issuer bid.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless the securities are registered in the United States or an exemption from such registration is available.
About CON-SPACE
CON-SPACE is recognized worldwide as the leading designer and manufacturer of specialized voice communication equipment used by Police, Fire, Rescue, Government Agencies, Militaries, Municipalities and general industry. CON-SPACE has distribution throughout North America, Great Britain, Australia, parts of Asia, South America, and Europe. CON-SPACE also supplies many other manufacturers with private labeled products.
This press release is available on CON-SPACE's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com and view the CON-SPACE Investor Contact & Information Centre. Alternatively, investors are asked to e-mail all questions and correspondence to CCB@Agoracom.com
Further information is available on the Company's website, www.con-space.com
DISCLAIMER
This news release contains forward-looking statements which reflect management's current expectations regarding the Company's objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements are not guarantees, but only predictions. Although the Company believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to vary significantly from current expectations. These factors and other risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time, as identified in the Company's disclosure record on www.sedar.com. The forward-looking statements included in this news release are made only as of the date of this news release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.