VANCOUVER and TORONTO, Dec. 4,
2019 /CNW/ - Converge Technology Solutions Corp.
("Converge" or the "Company") (TSXV: CTS) (FSE:0ZB)
(OTCQX:CTSDF) announces that it has filed a Notice of Intention to
Make a Normal Course Issuer Bid with the TSX Venture Exchange
("TSXV"), the implementation of which remains subject to
TSXV approval. Pursuant to the proposed normal course issuer bid
("NCIB"), Converge proposes to purchase for cancellation
through the facilities of the TSXV and/or permitted alternative
trading systems, from time to time over the next 12 months, up to
an aggregate of 4,025,120 of its issued and outstanding common
shares (each, a "Common Share"), being 5% of the issued and
outstanding Common Shares as of December 3,
2019.
The NCIB will commence three trading days after Converge
receives TSXV approval and will remain in effect until the earlier
of: (i) the date that is 12 months following commencement of the
NCIB, (ii) the date upon which Converge acquires the maximum number
of Common Shares permitted under the NCIB, or (iii) the date upon
which Converge provides written notice of termination of the NCIB
to the TSXV. Converge may not purchase more than 2% of the
issued and outstanding Common Shares during any 30-day period,
which as at December 3, 2019
represented 1,610,048 Common Shares.
Purchases of Common Shares under the NCIB will be made by
Hampton Securities ("Hampton") in accordance with the applicable
policies of the TSXV at the prevailing market price of such Common
Shares at the time of purchase. All Common Shares acquired by the
Company under the NCIB will be cancelled. The Company is
implementing the NCIB because it believes that, from time to time,
the market prices of its common shares may not fully reflect the
underlying value of the Company's business and its future business
prospects. Such purchases will be in the best interests of the
Company and will be a desirable use of corporate funds.
About Converge
Converge Technology Solutions Corp.
combines innovation accelerators and foundational infrastructure
solutions to deliver best-of-breed solutions and services to
customers. The Company is building a platform of regionally-focused
Hybrid IT solutions providers to enhance the ability to provide
multi-cloud solutions, blockchain, resiliency, and managed
services, enabling Converge to address the business and IT issues
that public and private-sector organizations face today. For more
information, visit http://www.convergetp.com.
Notice to Reader: Forward-Looking Statements
This news release contains certain "forward‐looking information"
and "forward‐looking statements" (collectively, "forward‐looking
statements") within the meaning of applicable Canadian
securities legislation regarding Converge and its business. Any
statement that involves discussions with respect
to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future
events or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates"
or "does not anticipate", "plans", "budget", "scheduled",
"forecasts", "estimates", "believes" or intends" or
variations of such words and phrases or stating that certain
actions, events or results "may" or "could, "would", "might" or
"will" be taken to occur or be achieved) are not statements of
historical fact and may be forward‐looking statements.
Forward‐looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward‐looking statements. Except as required by law, Converge
assumes no obligation to update the forward‐looking statements of
beliefs, opinions, projections, or other factors, should they
change. The reader is cautioned not to place undue reliance on
forward‐looking statements.
For a detailed description of the risks and uncertainties facing
the Company and its business and affairs, readers should refer to
the Company's filing statement dated November 1, 2018 which is available on SEDAR
under the Company's profile at www.sedar.com in addition to
the consolidated financial statements for the years ended
December 31, 2018 and 2017
together with the corresponding Management's Discussion and
Analysis for additional risk factors described under "Risks and
Uncertainties".
Neither the 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.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The
securities have not been and will
not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States
unless registered under the U.S. Securities Act and applicable
state securities laws, unless an exemption from such registration
is available.
SOURCE Converge Technology Solutions Corp.