Route1 Announces Normal Course Issuer Bid
TORONTO, Sept. 24, 2019 (GLOBE NEWSWIRE) -- . (OTCQB: ROIUD and TSXV: ROI) (the “Company” or “Route1”), an advanced North American provider of industrial-grade data intelligence, user authentication and ultra-secure mobile workforce solutions, today announced that it has provided the TSX Venture Exchange (the “Exchange”) its Notice of Intention (the “Notice”) to move forward with a further normal course issuer bid (“NCIB”), subject to approval by the Exchange.
The Notice provides that Route1 may, during the 12-month period commencing September 27, 2019 and ending September 26, 2020, purchase on the Exchange up to 1,816,855 common shares in total, being approximately 5% of the outstanding common shares as at September 23, 2019. The price which Route1 will pay for any such shares will be the market price at the time of acquisitions, provided, however, that Route1 will not pay more than $0.60 per common share. The actual number of common shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management of Route1. All common shares purchased pursuant to the NCIB will be purchased for cancellation, and all such purchases will be made on the open market through the facilities of the Exchange. The NCIB will be conducted through Paradigm Capital Inc., a member of the Exchange.
From September 27, 2018 to September 23, 2019, the Company had purchased a total of 1,558,700 common shares under the current normal course issuer bid at an average price of $0.4302 per share.
Route1 believes that its common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Route1 and its future business prospects. As a result, depending upon future price movements and other factors, Route1 believes that its outstanding common shares may represent an attractive investment to Route1. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in Route1.
Route1, operating under the trade names GroupMobile and PCS Mobile, is an advanced North American provider of industrial-grade data intelligence, user authentication, and ultra-secure mobile workforce solutions. The Company helps all manner of organizations, from government and military to the private sector, to make intelligent use of devices and data for immediate process improvements while maintaining the highest level of cyber security. Route1 is listed on the OTCQB in the United States under the symbol ROIUD and in Canada on the TSX Venture Exchange under the symbol ROI. For more information, visit: .
For More Information, Contact:
Peter Chodos
EVP and CFO, Route1 Inc.
This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
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