TORONTO, Aug. 29,
2023 /CNW/ - NamSys Inc. (TSX-V:
CTZ) announced today that the TSX Venture Exchange (the
"Exchange") has accepted a notice filed by NamSys Inc.
(the "Company") of its intention to make a Normal
Course Issuer Bid (the "Bid") to be transacted through
the facilities of the Exchange.
The notice provides that the Company may, during the 12-month
period commencing August 30, 2023 and
ending August 30, 2024, purchase up
to 1,364,316 Common Shares ("Shares"), being 5% of the total
number of Shares outstanding as at August
24, 2023 and approximately 14.13% of the Company's Public
Float (as that term is defined in the policies of the Exchange).
The price which the Company will pay for any such Shares will be
the prevailing market price at the time of acquisition. The actual
number of Shares which may be purchased pursuant to the Bid and the
timing of any such purchases will be determined by management of
the Company. Purchases under the Bid will be made from time to time
by Canaccord Genuity Corp. on behalf of the Company. The timing of
purchases will be determined by management of the Company.
All Share purchases will be made on the open market through the
facilities of the Exchange and will be purchased for cancellation.
The funding for any purchase pursuant to the Bid will be financed
out of the working capital of the Company.
The Board of Directors believes the current market value of its
Shares does not reflect their underlying value. As a result,
depending upon future price movements and other factors, the Board
believes that the Shares may represent an attractive investment to
the Company and that the purchase of the Shares would be an
appropriate use of corporate funds and in the best interests of the
Company and its shareholders. Furthermore, the purchases are
expected to benefit all persons who continue to hold Shares by
increasing their proportionate share interest in the Company when
the repurchased Shares are cancelled.
A copy of the Company's notice filed with the Exchange may be
obtained, by any shareholder without charge, by contacting the
Company's Chief Operating Officer.
Namsys Inc. products are designed to bring efficiency to the
processing of currency and other value instruments in financial
institutions, retailers, public transportation operations and the
gaming industry. Namsys' proprietary software products for this
market are "open-architected" and have been developed to interface
with clients' legacy systems.
Forward Looking Information
This press release contains certain "forward-looking
information" which may include, but is not limited to, statements
with respect to future events or future performance, management's
expectations regarding the timing and amount of purchases of
Shares, if any, made under the Bid, as well as the benefits of such
purchases, including benefits to the shareholders of the Company.
Such forward-looking information reflects management's current
beliefs and is based on information currently available to
management. Often, but not always, forward-looking statements can
be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"predicts", "intends", "targets", "aims", "anticipates" or
"believes" or variations (including negative variations) of such
words and phrases or may be identified by statements to the effect
that certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. A number of known and
unknown risks, uncertainties and other factors may cause the actual
results or performance to materially differ from any future results
or performance expressed or implied by the forward-looking
information. Such factors include, among others, the inability of
the Company to pay for any Shares it wishes to purchase, the price
of the Shares purchased or the effect that any such purchases have
on the Company's capital position, all of which may be affected by
such factors as general business, economic, competitive, political
and social uncertainties; actions by government and regulatory
authorities affecting the business of the Company; the future of
the market for the Company's products and services; and the impact
of inflation and rising costs of goods and services on the
Company's business model. These factors should be considered
carefully, and readers of this press release should not place undue
reliance on forward-looking information.
Although the forward-looking information contained in this
press release is based upon what management believes to be
reasonable assumptions, there can be no assurance that such
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. The
information in this press release, including such forward-looking
information, is made as of the date of this press release and,
other than as required by applicable securities laws, the Company
assumes no obligation to update or revise such information to
reflect new events or circumstances.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE NamSys Inc.
