Tucows Announces $40 Million Stock Buyback Program
February 12 2020 - 5:05PM
Tucows Inc. (NASDAQ: TCX, TSX: TC) announced today
that its Board of Directors has approved a stock buyback program to
repurchase, from time to time, up to $40 million of its common
stock in the open market.
The new $40 million buyback program will commence February 13,
2020 and will terminate on or before February 12, 2021. Purchases
for the new buyback program will be made exclusively through the
facilities of the Nasdaq Capital Market. The previously announced
$40 million buyback program for the period February 14, 2019 to
February 13, 2020 has been terminated.
All shares purchased by Tucows under the stock buyback program
will be retired and returned to treasury.
The timing and exact number of common shares purchased will be
at Tucows’ discretion and will depend on available cash and market
conditions. Tucows may suspend or discontinue the repurchases at
any time, including in the event Tucows would be deemed to be
making an acquisition of its own shares under Rule 13e-3 of the
Securities Exchange Act of 1934, as amended. Subject to applicable
securities laws and stock exchange rules, all purchases will occur
through the open market and may be in large block purchases. Tucows
does not intend to purchase its shares from its management team or
other insiders.
The purchase will be funded from available working capital and
existing credit facilities. As of February 11, 2020, Tucows had
10,618,599 common shares outstanding.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY
AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED
HEREIN.
About TucowsTucows is a provider of network
access, domain names and other Internet services. Ting
(https://ting.com) delivers mobile phone service and fixed Internet
access with outstanding customer support. OpenSRS
(http://opensrs.com), Enom (http://www.enom.com) and Ascio
(http://ascio.com) combined manage approximately 24 million domain
names and millions of value-added services through a global
reseller network of over 36,000 web hosts and ISPs. Hover
(http://hover.com) makes it easy for individuals and small
businesses to manage their domain names and email addresses. More
information can be found on Tucows’ corporate website
(http://tucows.com).
This release includes forward-looking statements as that term is
defined in the U.S. Private Securities Litigation Reform Act of
1995, including statements regarding our expectations regarding our
future financial results and, including, without limitation, our
expectations regarding our ability to realize synergies from the
Enom acquisition and our expectation for growth of Ting Internet.
These statements are based on management’s current expectations and
are subject to a number of uncertainties and risks that could cause
actual results to differ materially from those described in the
forward-looking statements. Information about other potential
factors that could affect Tucows’ business, results of operations
and financial condition is included in the Risk Factors sections of
Tucows’ filings with the Securities and Exchange Commission. All
forward-looking statements should be evaluated with the
understanding of their inherent uncertainty. All forward-looking
statements are based on information available to Tucows as of the
date they are made. Tucows assumes no obligation to update any
forward-looking statements, except as may be required by law.
Tucows, Ting, OpenSRS, Enom, Ascio and Hover are registered
trademarks of Tucows Inc. or its subsidiaries.
Contact:Lawrence Chamberlain(416) 519-4196 |
lawrence.chamberlain@loderockadvisors.com
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