TORONTO, ONTARIO--(Marketwired - March 15, 2017) - AlarmForce Industries Inc. (TSX:AF) ("AlarmForce") announced today that the Toronto Stock Exchange (the "TSX") has approved AlarmForce's Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB") to purchase for cancellation, from time to time, its common shares (the "Shares") through the facilities of the TSX and alternative Canadian trading systems. AlarmForce has TSX approval to purchase for cancellation up to a maximum of 5% of AlarmForce's issued and outstanding Shares, being 578,512 Shares. As of March 13, 2017, the total number of issued and outstanding Shares was 11,570,258 Shares. The price which AlarmForce will pay for any Shares purchased by it will be the prevailing market price of the Shares on the TSX or such other exchange or marketplace, as applicable, at the time of such purchase.
The NCIB will commence on March 17, 2017 and will terminate on March 16, 2018 or such earlier time as the NCIB is completed or terminated at the option of AlarmForce. AlarmForce has not purchased any Shares during the preceding 12 month period under a normal course issuer bid.
AlarmForce believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of the Shares and that at such time the purchase of Shares represents attractive investment value and would be in the best interest of AlarmForce's shareholders. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders.
The actual number of Shares that may be purchased and the timing of any such purchases will be determined by AlarmForce, subject to a maximum daily purchase limitation of 1,385 Shares which equals 25% of the average daily trading volume for the six calendar months prior to March 2015 (being 5,542 Shares per day), except where purchases are made in accordance with "block purchase" exemptions under applicable TSX rules.
AlarmForce provides security alarm monitoring, personal emergency response monitoring, video surveillance and related services to residential and commercial subscribers throughout Canada and the United States. More information about AlarmForce's products and services can be found at alarmforce.com.
This news release may include forward-looking information including opinions, assumptions, estimates and management's views and expectations. This information includes, but is not limited to AlarmForce's intentions with respect to the normal course issuer bid and purchases thereunder and the effects of repurchases under the bid. When used in this document, the words "believe," "may,", "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although AlarmForce believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to the state of domestic capital markets, delays resulting from inability to obtain required regulatory approvals, changes in general economic conditions and other factors more fully described from time to time in the reports and filings made by AlarmForce with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, as no assurances can be given as to future results, levels of activity or achievements. Except as required by applicable securities laws, AlarmForce does not undertake any obligation to publicly update or revise any forward-looking statements.