VANCOUVER, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Intrinsyc Technologies Corporation (TSX:ITC) (OTC:ISYRF) (“Intrinsyc” or the “Company”), a leading provider of solutions for the development of embedded and Internet of Things (“IoT”) today announced that the Toronto Stock Exchange (the "TSX") has accepted the notice filed by the Company to establish a normal course issuer bid ("NCIB") program to purchase, for cancellation, up to 500,000 common shares or approximately 2.4% of Intrinsyc’s issued and outstanding common shares, as at September 21, 2017.
The Company believes that the market price of the common shares may not from time to time, fully reflect their value and accordingly the purchase of the common shares through the NCIB at appropriate times can protect and enhance shareholder value when opportunities or volatility arise. Therefore, repurchasing its common shares through the NCIB may represent an appropriate use of financial resources, and would be in the best interest of the Company and its shareholders
The NCIB program commences on October 4, 2017 and will terminate on October 3, 2018, or on such earlier date as the Company may complete its purchases pursuant to a Notice of Intention filed with the TSX. Under the NCIB program, the Company is authorized to purchase its common shares, at prevailing market rates; effected in the open market through the facilities of the TSX and/or alternative Canadian trading systems. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Intrinsyc. Any purchases made by Intrinsyc pursuant to the NCIB will be made in accordance with the rules and policies of the TSX. Any common shares purchased by Intrinsyc pursuant to the NCIB will be cancelled.
The average daily trading volume for Intrinsyc’s common shares on the TSX for the six months ended August 31, 2017 was 51,322 common shares. Consequently, under the policies of the TSX, Intrinsyc will have the right to repurchase under its NCIB, during any one trading day, a maximum of 12,830 shares, representing 25% of the average daily trading volume. In addition, Intrinsyc will be allowed to make, once per calendar week, a block purchase of common shares not directly or indirectly owned by insiders of Intrinsyc, in accordance with the TSX rules and policies. Intrinsyc will fund the purchases of common shares through available cash. In the previous 12 months, the Company has not repurchased any of its outstanding common shares.
In connection with the NCIB program, the Company intends to establish an automatic repurchase plan (the “Plan”) with its designated broker to allow for purchases of its common shares during certain pre-determined black-out periods, subject to certain parameters as to price and number of shares. Outside of these pre-determined black-out periods, common shares will be repurchased in accordance with management's discretion, subject to applicable law. Intrinsyc may vary, suspend or terminate the Plan only if it does not have material non-public information and the decision to vary, suspend or terminate the Plan is not taken during a pre-determined blackout period. The Plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.
Forward-Looking Statements
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information may include statements regarding the Company’s future plans, objectives, delivery performance, revenues, or the company’s underlying assumptions. The words “may”, “would”, “could”, “will”, “likely”, “expect,” “anticipate,” “intend”, “plan”, “forecast”, “project”, “estimate” and “believe” or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Company’s actual future results or performance may be materially different. Risk factors are described in the Company’s reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2016. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
About Intrinsyc Technologies Corporation
Intrinsyc Technologies Corporation is a product development company that combines production ready computing modules with unmatched product development expertise to enable rapid commercialization of embedded and Internet of Things (“IoT”) products. Intrinsyc has successfully delivered over 1,000 projects from mobile phones and tablets, to IoT products like robotics, wearables, connected cameras, augmented reality glasses, and many more. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced processor technology available, and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market. Intrinsyc is publicly traded (TSX:ITC) (OTC:ISYRF) and is headquartered in Vancouver, BC, Canada, with additional product development centers in Boulder, CO, and Taipei, Taiwan.
CONTACT INFORMATION For more information, please contact: George Reznik Chief Financial Officer and Corporate Secretary Intrinsyc Technologies Corporation Email: Phone: (604) 678-3734
