Tucows Announces a $10 million Stock Buyback Program
May 07 2008 - 4:00PM
PR Newswire (US)
TORONTO, May 7 /PRNewswire-FirstCall/ -- Tucows Inc. (TSX:TC, AMEX:
TCX) today announced that its Board of Directors has approved a
stock buyback program of up to $10 million for the repurchase of
its common stock. Tucows has also filed a notice of intention with
the Toronto Stock Exchange ("TSX") to make a normal course issuer
bid through the facilities of the TSX. Tucows will have the option
to repurchase its shares of common stock either through the
facilities of the TSX or the American Stock Exchange. The notice
filed with the TSX provides that Tucows may, during the
twelve-month period commencing May 12, 2008, repurchase up to
6,361,769 shares of its common stock, which amount represents
approximately 10% of the public float of Tucows. For purposes of
any repurchases made on the TSX, Tucows may only purchase up to a
maximum of 4,188 shares in any daily trading session, which number
represents 25% of the average daily trading volume on the TSX over
the six month period ending April 30, 2008, unless the block
purchase exception is relied upon. As of May 7, 2008 there were
73,888,542 common shares outstanding. All shares purchased by
Tucows under the normal course issuer bid will be cancelled. The
timing and exact number of common shares purchased will be at
Tucows' discretion and will depend on market conditions and may be
suspended or discontinued at any time. 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. During Tucows' previous stock buyback program which
ended on February 15, 2008, Tucows repurchased 2,616,600 common
shares. NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER
REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION
CONTAINED HEREIN. About Tucows Tucows provides Internet services
for web hosting companies and ISPs. Through its global network of
over 9,000 service providers it provides millions of email boxes
and manages over eight million domains. Tucows is an accredited
registrar with ICANN (the Internet Corporation for Assigned Names
and Numbers). Tucows holds a domain name portfolio of approximately
150,000 domain names that are available for sale, monetized through
advertising and support our wholesale Personal Names Service. Our
Retail division sells Tucows services to consumers and small
business owners through Domain Direct, ItsYourDomain.com and
NetIdentity. Tucows.com remains one of the most popular software
download sites on the Internet. For more information please visit:
http://about.tucows.com/. This release may contain forward-looking
statements, including the timing and total number of shares to be
purchased under the share buyback program, which are based on
Tucows Inc.'s operations, estimates, forecasts and projections.
These statements are not guarantees of future performance and are
subject to important risks, uncertainties and assumptions
concerning future conditions that may ultimately prove to be
inaccurate or differ materially from actual future events or
results. A number of important factors could cause actual outcomes
and results to differ materially from those expressed in these
forward-looking statements. Consequently, investors should not
place undue reliance on these forward-looking statements, which are
based on Tucows Inc.'s current expectations, estimates,
projections, beliefs and assumptions. These forward-looking
statements speak only as of the date of this release and are based
upon the information available to Tucows Inc. at this time. Tucows
Inc. disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. DATASOURCE: Tucows Inc. CONTACT: Leona
Hobbs, Director of Communications, Tucows Inc., (416) 538-5450,
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