Globalive Technology has submitted a notice of its intention
to implement a normal course issuer bid program to the TSX Venture
Exchange (the "Exchange"), with the aim of purchasing for
cancellation up to 5% of its issued and outstanding common shares
between January 22, 2020 and
December 31, 2020.
TORONTO, Jan. 16, 2020 /CNW/ - Globalive Technology Inc.
(TSX-V: LIVE) (the "Company"), a technology company focused on
developing innovative payment, billing and credit solutions for
consumers and businesses, has submitted a notice of its intention
to implement a normal course issuer bid program (the "Share
Buy-Back Program") to the Exchange.
The Company is proposing the Share Buy-Back Program because it
believes the market price of its common shares, from time to time,
may not reflect their underlying value. Expending some of the
Company's available capital to purchase shares for cancellation
that can be reissued at a higher share price in future financings
is expected to provide a net benefit to the Company and its
shareholders.
Under the Share Buy-Back Program, the Company intends to
purchase for cancellation up to 7,002,901 common shares, which
represents approximately 5.0% of its 140,058,024 currently issued
and outstanding common shares. Pursuant to Exchange rules,
the Company may not purchase more than 2.0% of its then issued and
outstanding common shares in any consecutive 30-day period.
Purchases pursuant to the Share Buy-Back Program may commence on
January 22, 2020 and will terminate
on December 31, 2020 or on such
earlier date as the Company may complete its purchases or otherwise
terminate the bid.
The Company intends to retain Canaccord Genuity Corp. as its
Exchange Member and broker (the "Broker") to assist with the Share
Buy-Back Program. Shares will be purchased over the facilities of
the Exchange, or through alternative trading systems to the extent
approved by the Exchange, at the prevailing market price at the
time of purchase. The proposed Share Buy-Back Program is an
automatic securities purchase plan, such that the specific timing
of any share purchase under the program will be determined by the
Broker in accordance with applicable laws and standing instructions
from management with respect to maximum price and total funds
available for purchases. There can be no assurance as to the
precise number of common shares that will be repurchased under the
Share Buy-Back Program or the price at which they will be
purchased, and the Company may discontinue its purchase at any
time, subject to compliance with applicable regulatory
requirements.
The Share Buy-Back Program remains subject to approval by the
Exchange and will not proceed until such approval is obtained.
About Globalive Technology Inc.
Globalive Technology is a next generation software company and
venture partner developing innovative solutions to disrupt
traditional industries by leveraging artificial intelligence and
machine learning technology stacks, with a particular focus on
delivering innovative payment, billing and credit solutions.
Globalive Technology is controlled by Globalive Capital Inc., which
has founded and co-founded 12 businesses over the past 20 years
with six successful exits ranging from $10M to $1.3B
USD. It has also made over 100 venture investments and has over 45
technology companies in its portfolio. For more information,
visit www.globalivetech.com.
For media inquiries:
Rob
Moysey
Communications Manager, Globalive
Media@globalivetech.com
For investor inquiries:
Simon
Lockie
Chief Corporate Officer
1-647-977-2727
InvestorRelations@globalivetech.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements
relating to the Company and the proposed Share Buy-Back Program,
including the benefits of such program and the number of shares the
Company may purchase under the program. Such forward-looking
statements are identified by terms such as "aim", "intention",
"expected", "proposed", "may", "will", "subject to" and
similar expressions. All statements, other than statements of
historical fact included in this release, including those noted
above, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include delays or an
inability to obtain necessary approvals to implement the Share
Buy-Back Program from the Exchange or from other applicable
regulatory bodies, low trading volumes for the Company's common
shares, fluctuations in the market price of the Company's common
shares, changes in the availability of funds to purchase common
shares under the Share Buy-Back Program, changes in the Company's
business plan or capital requirements and other risks as set out in
the Company's Filing Statement available on its SEDAR page
at www.sedar.com.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties, and other
factors, many of which are beyond the control of the Company.
The Company cannot guarantee that any of the forward-looking
statements contained in this press release will occur as disclosed
herein or at all. The reader is cautioned not to place undue
reliance on any forward-looking information.
Such information, although considered reasonable by
management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will only
update or revise publicly the included forward-looking statements
as expressly required by Canadian securities law.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Globalive Technology