CALGARY, AB, July 9, 2020 /CNW/ - Sylogist Ltd. ("Sylogist"
or the "Company") - (TSXV: SYZ), a provider of enterprise
information management solutions, announced today that it intends
to give the TSX Venture Exchange Inc. ("TSXV") its Notice of
Intention to have a normal course issuer bid ("NCIB") in
place effective July 15, 2020. The
NCIB will commence only on acceptance and approval of the TSXV.
Sylogist believes that from time to time the market price of the
Sylogist Common Shares may not reflect their underlying or
intrinsic value and that, at such times, the purchase of Common
Shares for cancellation will increase the proportionate interest
of, and be advantageous to, all remaining holders of Common
Shares.
As of the date hereof, there are 23,766,644 Common Shares issued
and outstanding, 21,412,283 of which shares constitute the public
float. Under the NCIB, Sylogist is seeking approval to purchase up
to 2,141,228 Common Shares, which is 10% of the public float.
Sylogist, through its broker at BMO Nesbitt Burns, will purchase
the Common Shares on the open market through the facilities of the
TSXV. The price which Sylogist will pay for any Common Shares
purchased will be the prevailing market price of such Common Shares
on the TSXV at the time of purchase. Decisions regarding purchases
of Common Shares pursuant to the NCIB will be made by Sylogist. The
NCIB, if approved, will terminate on the earlier of: (i) one year
from inception; or (ii) when permitted purchases thereunder are
completed. Sylogist may otherwise elect to terminate the NCIB at
any time.
About Sylogist
Sylogist is a software company that, through strategic
acquisitions, investments and operations management, provides
comprehensive, mission-critical ERP and CRM solutions, including
fund accounting, case management, grant management and payroll, to
public service organizations. Sylogist's public service customers
include all levels of government, nonprofit organizations,
non-governmental organizations, educational institutions as well as
public compliance driven and funded companies. Our Company delivers
highly scalable, multi-language, multi-currency software solutions,
which serve the needs of an international clientele.
The Company's stock is traded on the TSX Venture Exchange under
the symbol SYZ. Information about Sylogist can be found at
http://www.sylogist.com.
This press release is not for distribution to United States
Newswire Services or for dissemination in the United States.
Forward-looking Statements
Certain statements in this news release may be
forward-looking statements within the meaning of applicable
securities laws and regulations. These statements typically
use words such as expect, believe, estimate, project, anticipate,
plan, may, should, could and would, or the negative of these terms,
variations thereof or similar terminology. By their very nature,
forward-looking statements are based on assumptions and involve
inherent risks and uncertainties, both general and specific in
nature. It is therefore possible that the beliefs and plans and
other forward-looking expectations expressed herein will not be
achieved or will prove inaccurate. Although Sylogist believes that
the expectations reflected in these forward-looking statements are
reasonable, it provides no assurance that these expectations will
prove to have been correct. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes statements with respect to Sylogist's key
organizational changes and investments, its key relationships and
its products potentially reaching broader markets. Material
assumptions and factors that could cause actual results to differ
materially from such forward-looking information include Sylogist's
ability to attract and retain customers and to realize on its
investments. Although Sylogist believes that the material
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur. Sylogist disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
other than as required by law.
Certain information set out herein may be considered as
"financial outlook" within the meaning of applicable securities
laws. The purpose of this financial outlook is to provide readers
with disclosure regarding Sylogist's reasonable expectations as to
the anticipated results of its proposed business activities for the
periods indicated. Readers are cautioned that the financial outlook
may not be appropriate for other purposes.
- Neither 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 Sylogist Ltd.
