TORONTO,
March 4, 2014 /CNW/ - Tucows Inc.
(NASDAQ:TCX, TSX:TC) today announced that its Board of Directors
has approved a stock buyback program to repurchase from time to
time up to $20 million of its common
stock in the open market. Purchases will be made exclusively
through the facilities of the NASDAQ Capital Market. The
stock buyback program will commence immediately and will terminate
on March 3, 2015.
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 March 4,
2014, Tucows had 11,068,759 common shares outstanding.
During Tucows' previous stock buyback program, which ended on
February 28, 2014, Tucows repurchased
and retired 35,769 common shares taking into account the
one-for-four reverse stock split effective as of December 30, 2013.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY
AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED
HEREIN.
About Tucows
Tucows is a global Internet services company. OpenSRS
(http://opensrs.com) manages over fourteen million domain names and
millions of value-added services through a reseller network of over
13,000 web hosts and ISPs. Hover (http://hover.com) is the easiest
way for individuals and small businesses to manage their domain
names and email addresses. Ting (https://ting.com) is a mobile
phone service provider dedicated to bringing clarity and control to
US mobile phone users. YummyNames (http://yummynames.com) owns and
operates premium domain names that generate revenue through
advertising or resale. More information can be found on Tucows'
corporate website (http://tucows.com).
This news release contains, in addition to historical
information, forward-looking statements related to the proposed
stock buyback program, including the timing and, total number of
shares to be purchased under the proposed stock buyback program.
Such statements are based on management's current expectations and
are subject to a number of uncertainties and risks, which could
cause actual results to differ materially from those described in
the forward-looking statements. Information about 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 included in this document are based on
information available to Tucows as of the date of this document,
and except to the extent Tucows may be required to update such
information under any applicable securities laws, Tucows assumes no
obligation to update such forward-looking statements.
TUCOWS is a registered trademark of Tucows Inc. or its
subsidiaries. All other trademarks and service marks are the
properties of their respective owners.
SOURCE Tucows Inc.