OTTAWA, Dec. 10, 2013 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch"
or the "Company") (TSXV: INX) reports that the Company intends to
commence a normal course issuer bid (the "Bid"), subject to the
approval of the TSX Venture Exchange ("TSXV"),
Currently, In-Touch has 14,907,978 common shares issued and outstanding.
Up to 745,398 common shares may be repurchased over a twelve-month
period, no more than 2% being 298,159 common shares in any 30-day
period, which represents approximately 5% of the Company's issued and
outstanding common shares. The Company has appointed Jones Gable &
Company, a Member of the TSXV, as the broker that will conduct the Bid
on behalf of In-Touch. The Bid is expected to commence on December 17,
2013, and will terminate on December 16, 2014, or on such earlier date
as the Bid is complete or at the option of In-Touch.
The Bid will be made through the facilities of the TSXV and the purchase
and payment for the securities will be made in accordance with TSXV
requirements at the market price of the common shares at the time of
acquisition. All common shares purchased by In-Touch under the Bid
will be cancelled.
Management of In-Touch believes that the current market price of the
Company's common shares may not reflect their underlying value and that
the purchase of common shares for cancellation will increase the
proportionate interest of, and will be advantageous to, all remaining
shareholders.
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such statements reflect
the Company's current views with respect to future events, and are
based on information currently available to the Company and on
hypotheses which it considers to be reasonable; however, management
warns the reader that hypotheses relative to future events which are
beyond the control of management could prove to be false, given that
they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither
approved or disapproved the contents of this press release.
SOURCE In-Touch Survey Systems Ltd.
