Cyberplex Inc. (TSX: CX) ("Cyberplex" or the "Corporation") announced today that, subject to acceptance of the Corporation's notice of intention by the Toronto Stock Exchange ("TSX"), the board of directors has authorized the purchase of up to 5,452,073 of its common shares, representing approximately 10% of the "public float" of common shares. Purchases will be made on the open market by Cyberplex through the facilities of the TSX in accordance with TSX requirements. The prices that Cyberplex will pay for any purchased common shares will be the market price of such shares on the TSX at the time of acquisition.
Cyberplex currently has 68,471,468 common shares issued and outstanding, with a public float of 54,520,735 common shares. The Corporation has not purchased any of its common shares during the preceding 12 months pursuant to a normal course issuer bid.
The Corporation believes that from time to time the common shares of the Corporation have been trading at prices that do not fully reflect the underlying value of the Corporation. As a result, Cyberplex believes that its common shares are a good investment at its current and recent prices.
The Corporation may from time to time enter into a pre-defined plan with a registered investment dealer to allow for the repurchase of common shares at times when Cyberplex ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules, or otherwise. This plan will be adopted in accordance with applicable Canadian securities laws.
Cyberplex Inc. (www.cyberplex.com (http://www.cyberplex.com) ) is a leader in providing advertising solutions, online customer acquisition strategies and technology development. The Company, through its subsidiaries, leverages its proprietary affiliate network, robust advertising relationships and experience, along with technology design, development and solutions specialists to develop and implement web-based programs and solutions that have a proven record in delivering results.
With over 15 years of experience serving Fortune 1000 clients including FTD, Xerox, Sony Canada, IAC, Atlantic Lottery Corporation, Vista Print, Aecon, Ontario Power Generation, Scotia Bank and the Royal Bank of Canada, Cyberplex is frequently the firm of choice for business leaders looking for effective and reliable online solutions. Cyberplex serves clients across Canada and the US and is headquartered in Toronto, Canada.
This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Cyberplex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.