CALGARY, Dec. 12, 2013 /CNW/ - Axia NetMedia Corporation ("Axia") (TSX:
AXX) announced today that it has renewed its normal course issuer bid
("NCIB") for a further one-year period. The Toronto Stock Exchange
("TSX") has accepted Axia's notice of intention to make the NCIB to
purchase its outstanding common shares ("Common Shares") on the open
market, in accordance with the rules of the TSX.
Axia repurchased 357,850 Common Shares at a volume-weighted average
price of $1.82 per Common Share within the past twelve (12) months
pursuant to the NCIB which began on December 5, 2012 and terminated on
December 4, 2013. The purchases were executed through the facilities of
the TSX.
As approved by the TSX, Axia is authorized to purchase up to 3,106,383
Common Shares, representing approximately 5 percent of the currently
issued and outstanding Common Shares. As of November 30, 2013, there
were 62,127,676 Common Shares outstanding. On any day, subject to any
approved exceptions, Axia will not purchase more than 13,761 Common
Shares (representing 25% of the average daily trading volume of 55,044
for the six calendar months prior to the date hereof).
Axia is authorised to make purchases during the period commencing
December 16, 2013 and ending on December 15, 2014, or until such
earlier time as the NCIB is completed or terminated at the option of
Axia. All shares purchased under the NCIB will be cancelled.
Axia believes that the market price of the Common Shares at certain
times may be attractive and that the purchase of Common Shares from
time to time would be an appropriate use of the Issuer's funds in light
of potential benefits to remaining shareholders.
Axia has entered into an automatic share purchase plan with a broker in
order to facilitate repurchases of Common Shares under its NCIB. Any
purchases made will be through the facilities of the TSX or alternative
trading systems, if eligible, or by such other means as may be
permitted by the TSX or securities regulatory authority. Under the
automatic share purchase plan, Axia's broker may repurchase Common
Shares under the NCIB at any time including: (i) when Axia would
ordinarily not be permitted to do so due to the possession of material
non-public information; and (ii) during blackout periods imposed by
Axia on insiders. Purchases will be made by Axia's broker based upon
the parameters prescribed by the TSX, applicable securities laws and
the terms of the parties' written agreement.
About Axia
Axia sells services over fibre optic communications infrastructure in
jurisdictions that have implemented the Axia NGN Solution. To date,
Axia has networks in Alberta, France and Massachusetts. Axia trades on
the TSX under the symbol "AXX".
This News Release contains forward-looking statements, including,
without limitation, statements containing the words "should",
"believe", "anticipate", "may", "plan", "will", "continue", "intend",
"expect", "estimate" and other similar expressions which constitute
"forward-looking information" within the meaning of applicable Canadian
securities laws. These statements are based on our current
expectations, estimates, forecasts and assumptions about the operating
environment, economies and markets in which we operate and are subject
to important assumptions, risks and uncertainties that are difficult to
predict. Examples of these statements would include those where Axia
forecasts its success and timing in winning new NGN business, the
timing of completion and estimated total costs of our networks, the
revenues and operating costs associated with these networks over time,
and Axia's ability to generate future cash flows and avail itself of
other financing alternatives given current market conditions. The
assumptions, risks and uncertainties that could cause actual results to
differ materially from the forward-looking information, include, but
are not limited to, changes in customer markets, changes in demand for
our services, our inability to deliver services in a timely and cost
efficient manner, technological change, general economic conditions and
other risks detailed from time to time in our ongoing filings with the
Canadian securities regulatory authorities, including those in our
Annual Information Form, which filings can be found at www.sedar.com.
Given these assumptions, risks and uncertainties, readers are cautioned
not to place undue reliance on such forward-looking statements. Unless
otherwise required by applicable securities laws, we undertake no
obligation to publicly update or revise any forward-looking statements
either as a result of new information, future events or otherwise.
SOURCE Axia NetMedia Corporation
