Sangoma Technologies Corporation Announces Intention to Make a Normal Course Issuer Bid
December 15 2011 - 10:49AM
Marketwired Canada
Sangoma Technologies Corporation (TSX VENTURE:STC), a leading provider of
hardware and software components that enable or enhance IP Communications
Systems for both voice and data, today announced its intention to make a normal
course issuer bid.
Pursuant to the terms of the bid, Sangoma may purchase its own common shares for
cancellation through the facilities of the Toronto Venture Exchange ("TSXV") at
the prevailing market price of the common shares. The number of common shares
purchased by Sangoma will in no event be in excess of 5% of the issued and
outstanding common shares at the date the bid commences, being 1,491,890 common
shares of the 29,837,809 currently issued and outstanding common shares, nor
more than 2% in any 30 day period. Sangoma may undertake purchases at varying
times commencing on December 19, 2011 and continuing until no later than
December 18, 2012. Sangoma believes that, from time to time, the market price of
its common shares does not fully reflect the value of its business and its
future prospects. As such, Sangoma believes that the repurchase of its common
shares will, in the appropriate circumstance, provide an economically worthwhile
investment for Sangoma and it is an appropriate and legitimate use of its
available funds. The member and broker that will be conducting the normal course
issuer bid is GMP Securities L.P. Sangoma's previous normal course issuer bid
expired December 13, 2011. The Company purchased 505,000 Common Shares under the
Bid at an average price of $0.50. All purchases were made through the Toronto
Venture Exchange and all shares purchased were cancelled. A copy of the Form 5G
- Notice of Intention to make a Normal Course Issuer Bid filed by the Company
with the TSXV can be obtained from the Company upon request without charge.
About Sangoma Technologies Corporation
Sangoma is a leading provider of hardware and software components that enable or
enhance IP Communications Systems for both telecom and datacom applications.
Enterprises, SMBs and Carriers in over 150 countries rely on Sangoma's
technology as part of their mission critical infrastructures. Through its
worldwide network of Distribution Partners, Sangoma delivers the industry's best
engineered, highest quality products, some of which carry the industry's first
lifetime warranty. The product line includes data and telecom boards for media
and signal processing, as well as gateway appliances and software.
Founded in 1984, Sangoma Technologies Corporation is publicly traded on the TSX
Venture Exchange (TSX VENTURE:STC). Additional information on Sangoma can be
found at www.sangoma.com.
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