TORONTO, Dec. 3, 2019 /CNW/ - Pivot Technology
Solutions, Inc. (TSX: PTG), ("Pivot" or the "Company") a
full-service information technology provider, today announced that
it has entered into an automatic share purchase plan effective
today ("ASPP") with Echelon Wealth Partners, Inc. ("Echelon") in
order to facilitate repurchases of its common shares under its
normal course issuer bid ("NCIB").
The Company's NCIB commenced on June 24,
2019 and will continue until June 23,
2020, unless completed or terminated earlier and will be
effected through the facilities of TSX.
Under its NCIB, the Company may during the twelve months ending
June 23, 2020, purchase for
cancellation up to 3,791,395 common shares of the Company or
approximately 10% of the Company's total public float at prevailing
market prices, in accordance with the rules of the Toronto Stock
Exchange ("TSX").
Under the ASPP, Echelon may repurchase shares under the NCIB on
behalf of the Company at any time including, without limitation,
when the Company would ordinarily not be permitted due to
regulatory restrictions or blackout periods. Purchases will be made
at prevailing market prices upon the parameters prescribed by the
TSX and applicable securities laws and the terms of the ASPP. Daily
purchases will be restricted to not more than 21,015 common shares,
representing 25% of 84,062, the average daily trading volume of the
common shares calculated from December 1,
2018 to May 31, 2019, subject
to certain prescribed exemptions. There can be no assurance as to
the precise number of shares that will be repurchased under the
share repurchase program. The Company may discontinue its
purchases at any time, subject to compliance with applicable
regulatory requirements.
About Pivot Technology Solutions
Pivot is a leading
information technology infrastructure and services provider to
approximately 2,000 customers, including many members of the
Fortune 500. With offices throughout North America, Pivot uses its knowledge and
local presence to help corporations, governments and educational
institutions design, build, implement and maintain advanced
computing and communication infrastructure. For more information,
visit www.pivotts.com.
Forward Looking Statements
This news release contains statements that, to the extent
they are not recitations of historical fact, may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities laws. Forward-looking statements include, but
are not limited to, statements with respect to the NCIB by the
Company and management's expectations regarding the Company's plans
to repurchase for cancellation common shares under the renewed
NCIB. Pivot uses words such as "may", "would", "could", "will",
"likely", "expect", "believe", "intend", "anticipate" and similar
expressions to identify forward-looking statements. Any such
forward-looking statements are based on assumptions and analyses
made by Pivot in light of its experience and its perception of
historical trends, current conditions and expected future
developments, as well as other factors Pivot believes are
appropriate under the relevant circumstances. However, whether
actual results and developments will conform to Pivot's
expectations and predictions is subject to any number of risks,
assumptions and uncertainties. Many factors could cause Pivot's
actual results to differ materially from those expressed or implied
by the forward-looking statements contained in this news release.
These factors include, without limitation: regulatory compliance,
market and economic conditions, availability of sellers, changes in
laws and regulations and restrictions under the Company's credit
facilities. The "forward-looking statements" contained herein speak
only as of the date of this news release and, unless required by
applicable law, the Company undertakes no obligation to publicly
update or revise such information, whether as a result of new
information, future events or otherwise.
SOURCE Pivot Technology Solutions, Inc