TORONTO, Aug. 4, 2022
/CNW/ - Pivotree Inc. (TSXV: PVT) ("Pivotree" or the "Company")
announces today that it has received TSX Venture Exchange ("TSXV")
approval to commence a normal course issuer bid (the "NCIB")
through the facilities of the TSXV permitting the Company to
repurchase, for cancellation, up to 1,617,518 common shares of the
Company, representing 10% of the number of common shares of the
Company held by "Public Shareholders" (as that term is defined in
the policies of the TSXV) and approximately 6% of the outstanding
common shares of the Company.
The period during which the Company is authorized to make
purchases under the NCIB will commence on August 8, 2022 and will terminate upon the
earliest of (i) the Company purchasing 1,617,518 common shares,
(ii) the Company providing notice of termination of the NCIB, and
(iii) 12 months following the NCIB commencement date. Under the
NCIB, the Company may not acquire more than 2% of its issued and
outstanding common shares in any 30-day period.
The Company believes that, from time to time, the market price
of its common shares does not adequately reflect the Company's
underlying value and future prospects and that, at such times, the
purchase of the Company's common shares represents an appropriate
use of the Company's financial resources and will enhance
shareholder value. The funding for any purchases pursuant to the
NCIB will be from the working capital of the Company.
The Company has engaged National Bank Financial Inc. ("National
Bank") to act as its broker for the NCIB. The NCIB will be made
through the facilities of the TSXV and the purchase and payment for
the common shares will be made in accordance with TSXV requirements
at the market price of the common shares at the time of
acquisition, plus brokerage fees, if any, charged by National Bank.
All common shares purchased by the Company under the NCIB will be
cancelled.
To the Company's knowledge, none of the directors, senior
officers or insiders of the Company, or any associate of such
person, or any associate or affiliate of the Company, has any
present intention to sell any common shares to the Company during
the course of the NCIB. The Company has not purchased any of its
common shares in the past 12 months through a normal course issuer
bid.
A copy of the Form 5G - Notice of Intention to make a Normal
Course Issuer Bid filed by the Company with the TSXV can be
obtained from the Company upon request without charge.
About Pivotree
Pivotree is a leader in frictionless commerce with expertise in
eCommerce, MDM, Cloud, Cybersecurity, and Supply Chain solutions.
It is an end-to-end vendor supporting clients from strategy,
platform selection, deployment, and hosting through to ongoing
support. It operates as a single expert resource to help companies
adapt relentlessly in an ever-changing digital commerce landscape.
Leading and innovative clients rely on Pivotree's deep expertise to
choose enterprise-proven solutions and design, build, and connect
critical systems to run smoothly at defining moments in a commerce
business. Pivotree serves as a trusted partner to over 170
market-leading brands and forward-thinking B2C and B2B companies,
including many companies in the Fortune 1000. With offices and
customers in the Americas, EMEA, and APAC, Pivotree is widely
recognized as a high-growth company and industry leader around the
globe. For more information, visit http://www.pivotree.com.
Forward-looking
information
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information may relate to the Company's future
financial outlook and anticipated events or results and may include
information regarding the Company's financial position, business
strategy, growth strategies, addressable markets, budgets,
operations, financial results, taxes, dividend policy, plans and
objectives. Particularly, information regarding the Company's
expectations of future results, performance, achievements,
prospects or opportunities or the markets in which the Company
operates is forward-looking information. In some cases,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "targets", "expects",
"budgets", "scheduled", "estimates", "outlook", "forecasts",
"projects", "prospects", "strategy", "intends", "anticipates",
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", or "will" occur. In addition, any statements that refer to
expectations, intentions, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent management's expectations,
estimates and projections regarding future events or circumstances.
The forward-looking information contained herein may include, but
is not limited to, information with respect to proposed purchases,
if any, by the Company under the NCIB.
Forward-looking information is necessarily based on a number of
opinions, estimates and assumptions that, while considered by the
Company to be appropriate and reasonable as of the date of this
press release, are subject to known and unknown risks,
uncertainties, assumptions and other factors that may cause the
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information, including but not limited to, risks
and uncertainties associated with market conditions and the
satisfaction of all applicable regulatory requirements, as well as
risks and uncertainties associated with the Company's business and
finances in general.
If any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in forward-looking
information. The opinions, estimates or assumptions referred to
above and the risk factors described in the "Risk Factors" section
of the Company's prospectus dated October
23, 2020 should be considered carefully.
Although the Company has attempted to identify important risk
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
risk factors not presently known to the Company or that the Company
presently believes is not material that could also cause actual
results or future events to differ materially from those expressed
in such forward-looking information. There can be no assurance that
such 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, which speaks only as of
the date made. Forward-looking information contained in this press
release represents the Company's expectations as of the date of
this press release (or as of the date they are otherwise stated to
be made), and are subject to change after such date. The Company
disclaims any intention or obligation or undertaking to update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws.
Neither the 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 Pivotree Inc.