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CALGARY, May 14, 2019 /CNW/ - Sylogist Ltd. ("Sylogist"
or the "Company") - (TSX-V:SYZ), a provider of enterprise
information management solutions, announced today that it intends
to give the TSX Venture Exchange Inc. ("TSXV") its Notice of
Intention to have a normal course issuer bid ("NCIB") in
place effective May 21, 2019.
The NCIB will commence only on acceptance and approval of the
TSXV. Sylogist believes that from time to time the market
price of the Sylogist Common Shares may not reflect their
underlying or intrinsic value and that, at such times, the purchase
of Common Shares for cancellation will increase the proportionate
interest of, and be advantageous to, all remaining holders of
Common Shares.
As of the date hereof, there are 22,023,394 Common Shares issued
and outstanding, 20,079,133 of which shares constitute the public
float. Under the NCIB, Sylogist is seeking approval to purchase up
to 2,007,913 Common Shares, which is 10% of the public float.
Sylogist, through its broker at BMO Nesbitt Burns, will purchase
the Common Shares on the open market through the facilities of the
TSXV. The price which Sylogist will pay for any Common Shares
purchased will be the prevailing market price of such Common Shares
on the TSXV at the time of purchase. Decisions regarding purchases
of Common Shares pursuant to the NCIB will be made by
Sylogist. The NCIB, if approved, will terminate on the earlier
of: (i) one year from inception; or (ii) when permitted purchases
thereunder are completed. Sylogist may otherwise elect to
terminate the NCIB at any time.
About Sylogist
Sylogist is a technology innovation company that, through
strategic acquisitions, investments and operations management,
provides intellectual property solutions to a wide range of Public
Sector customers. We are an industry-leading publisher
of mission-critical software products that satisfy the unique and
sophisticated functionality requirements of Public Sector entities,
including nonprofit organizations, educational institutions and
government agencies, as well as public compliance driven and funded
businesses. Our Company delivers highly scalable, multi-language,
multi-currency software solutions, which serve the needs of an
international clientele.
Full financial statements together with Management's Discussion
and Analysis are available on SEDAR at www.sedar.com.
The Company's stock is traded on the TSX Venture Exchange under
the symbol SYZ. Information about Sylogist can be found at
http://www.sylogist.com.
Forward-looking Statements
Certain statements in this news release may be
forward-looking statements within the meaning of applicable
securities laws and regulations. These statements
typically use words such as expect, believe, estimate, project,
anticipate, plan, may, should, could and would, or the negative of
these terms, variations thereof or similar
terminology. Forward-looking information in this news
release includes statements with respect to Sylogist's purchase of
Common Shares for cancellation increasing the proportionate
interest of, and be advantageous to, all remaining holders of
Common Shares. By their very nature, forward-looking
statements are based on assumptions and involve inherent risks and
uncertainties, both general and specific in nature. It is
therefore possible that the beliefs and plans and other
forward-looking expectations expressed herein will not be achieved
or will prove inaccurate. Although Sylogist believes that the
expectations reflected in these forward-looking statements are
reasonable, it provides no assurance that these expectations will
prove to have been correct. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Additional information regarding some
of these risks, uncertainties and other factors may be found under
in the management's discussion and analysis for the quarter ended
March 31, 2019 and other documents
available on the Company's profile at www.sedar.com. Material
assumptions and factors that could cause actual results to differ
materially from such forward-looking information include Sylogist's
ability to attract and retain customers and to realize on its
investments. Although Sylogist believes that the material
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur. Sylogist disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
other than as required by law.
Certain information set out herein may be considered as
"financial outlook" within the meaning of applicable securities
laws. The purpose of this financial outlook is to provide readers
with disclosure regarding Sylogist's reasonable expectations as to
the anticipated results of its proposed business activities for the
periods indicated. Readers are cautioned that the financial outlook
may not be appropriate for other purposes.
- Neither 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-
SOURCE Sylogist Ltd.