Saratoga Electronic Solutions Inc. Announces Normal Course Issuer Bid
14 5월 2010 - 2:55AM
Marketwired
Saratoga Electronic Solutions Inc. (the "Corporation") (TSX
VENTURE: SAR) announced today the acceptance by the TSX Venture
Exchange (the "TSX-V") of the Corporation's Notice of Intention to
make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, the
Corporation proposes to purchase through the facilities of the
TSX-V from time to time, if considered advisable, up to an
aggregate of 932,415 of its common shares, being approximately 5%
of its issued and outstanding common shares as of May 12, 2010.
Purchases under the NCIB, which will be carried out on behalf of
the Corporation by Norman Heimlich of Dundee Securities
Corporation, may commence through the TSX-V on May 19, 2010 and
will conclude on the earlier of the date on which purchases under
the NCIB have been completed and May 18, 2011. No previous
purchases were made by the Corporation pursuant to the NCIB.
The Corporation wishes to take advantage of the market trading
prices of its common shares from time to time. It is the opinion of
management that, from time to time, the market price of its common
shares does not adequately reflect the value of the underlying
assets of the Corporation. The Board of Directors of the
Corporation believes that the proposed purchases are in the best
interests of the Corporation and are a desirable use of corporate
funds. All common shares purchased by the Corporation pursuant to
the NCIB will be cancelled.
ABOUT SARATOGA
The Corporation has two principal lines of business: automatic
teller machines ("ATMs") and prepaid products. Through its ATM
division, Saratoga ATM Corporation Inc., the Corporation places and
operates a network of ATMs in eastern Canada. Through is prepaid
products division, Car-Tel Distributions Inc., the Corporation
distributes to consumers point-of-sale activated prepaid cellular
telephone PINs and long distance calling cards, and offers to
retailers a variety of electronic gift card solutions.
Contacts: Saratoga Electronic Solutions Inc. Mr. Georges Durst
President and Chief Executive Officer 514-529-0663
Saratoga Electronic Solutions (TSXV:SAR)
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