CALGARY, AB, July 9, 2020 /CNW/ - Sylogist Ltd. ("Sylogist" or the "Company") - (TSXV: SYZ), a provider of enterprise information management solutions, announced today that it intends to give the TSX Venture Exchange Inc. ("TSXV") its Notice of Intention to have a normal course issuer bid ("NCIB") in place effective July 15, 2020. 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 or intrinsic 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.
As of the date hereof, there are 23,766,644 Common Shares issued and outstanding, 21,412,283 of which shares constitute the public float. Under the NCIB, Sylogist is seeking approval to purchase up to 2,141,228 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, if approved, 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.
Sylogist is a software company that, through strategic acquisitions, investments and operations management, provides comprehensive, mission-critical ERP and CRM solutions, including fund accounting, case management, grant management and payroll, to public service organizations. Sylogist's public service customers include all levels of government, nonprofit organizations, non-governmental organizations, educational institutions as well as public compliance driven and funded companies. Our Company delivers highly scalable, multi-language, multi-currency software solutions, which serve the needs of an international clientele.
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.
This press release is not for distribution to United States Newswire Services or for dissemination in the United States.
Certain statements in this news release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements typically use words such as expect, believe, estimate, project, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the beliefs and plans and other forward-looking expectations expressed herein will not be achieved or will prove inaccurate. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements with respect to Sylogist's key organizational changes and investments, its key relationships and its products potentially reaching broader markets. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include Sylogist's ability to attract and retain customers and to realize on its investments. Although Sylogist believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. Sylogist disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Certain information set out herein may be considered as "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
- 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 -
SOURCE Sylogist Ltd.
These press releases may also interest you