Wi-LAN Board Approves Plan for Normal Course Issuer Bid
October 06 2008 - 4:10PM
Marketwired Canada
Wi-LAN Inc. ("Wi-LAN" or the "Company") (TSX:WIN), a leading technology
innovation and licensing company, today announced that its Board of Directors
has approved the adoption of a stock buyback program under which the Company
expects to purchase up to 5% of its issued and outstanding common shares
("Shares") over a six month period following receipt of regulatory approval
through a normal course issue bid over the facilities of the Toronto Stock
Exchange ("TSX"). The stock buyback program is subject to obtaining requisite
regulatory approvals including filing notice with the TSX.
"Wi-LAN's Board and Management believe that executing an issuer bid is an
important demonstration of the confidence we have in our business and our belief
that the value of Wi-LAN is not adequately reflected in its current share
price," said Jim Skippen, President & CEO.
The actual number of Shares purchased, the timing of purchases and the price at
which the Shares are bought will depend upon future market conditions and upon
potential alternative uses for Wi-LAN's cash resources. Any purchases will be
made by Wi-LAN at the prevailing market prices of the Shares at the time of
purchase. All Shares purchased will be cancelled.
About Wi-LAN
Wi-LAN, founded in 1992, is a leading technology innovation and licensing
company. Our portfolio of patented inventions applies to a wide range of
consumer electronics and communications products. Some of the fundamental
technologies covered by Wi-LAN's patents include: CDMA, DOCSIS, DSL, GSM/EDGE,
V-chip, Wi-Fi and WiMAX. Wi-LAN has a large and growing portfolio of more than
300 issued or pending patents. Wi-LAN has licensed its intellectual property to
over 140 companies. For more information: www.wi-lan.com.
Forward-looking Information
Certain statements in this release, other than statements of historical fact,
may include forward-looking information that involves various risks and
uncertainties that face the Company; such statements may contain such words as
"may", "would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions, and may be based on management's
current assumptions and expectations related to all aspects of the wireless and
wireline telecommunications industries and the global economy. Risks and
uncertainties that may face the Company include, but are not restricted to:
licensing of the Company's patents can take an extremely long time and may be
subject to variable cycles; the Company is currently reliant on licensees paying
royalties under existing licensing agreements and additional licensing of its
patent portfolio to generate future revenues and increased cash flows; the
Company may be required to establish the enforceability of its patents in court
in order to obtain material licensing revenues; changes in patent laws or in the
interpretation or application of patent laws could materially adversely affect
the Company; a court may determine that certain of the Company's patents are not
infringed by certain standards or products or may disagree with management with
respect to whether one or more of the Company's patents apply to certain
standards or products, which could adversely affect the Company; the Company
will need to acquire or develop new patents to continue and grow its business;
the Company has made and may make acquisitions of technologies or businesses
which could materially adversely affect the Company; the Company may require
investment to translate its intellectual property position into sustainable
profit in the market; the generation of future V-chip revenues and the
likelihood of the Company signing additional V-chip licenses could be
negatively impacted by changes in government regulation; the Company is
dependent on its key officers and employees; and the price of the Company's
common shares is volatile and subject to market fluctuation.
These risks and uncertainties may cause actual results to differ from
information contained in this release, when estimates and assumptions have been
used to measure and report results. There can be no assurance that any
statements of forward-looking information contained in this release will prove
to be accurate. Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent written and oral
statements containing forward-looking information are based on the estimates and
opinions of management on the dates they are made and expressly qualified in
their entirety by this notice. Except as required by applicable laws, the
Company assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change. Readers are
cautioned not to place undue reliance on any statements of forward looking
information that speak only as of the date of this release. Additional
information identifying risks and uncertainties relating to the Company's
business are contained under the heading "Risk Factors" in Wi-LAN's current
Annual Information Form and its other filings with the various Canadian
securities regulators which are available online at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation of an
offer to buy any securities in the United States.
All trademarks and brands mentioned in this release are the property of their
respective owners.