TECSYS Announces the Renewal of its Normal Course Issuer Bid with Respect to the Buy Back of its Common Shares
Montreal, July 19, 2013—TECSYS Inc. (TSX: TCS), announces that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to renew its "normal course issuer bid" to purchase some of its outstanding common shares through the facilities of such exchange. Up to 572,471 common shares, being approximately 5% of the 11,449,421 common shares outstanding as of July 10, 2013 may be bought under the bid. The common shares will be purchased by TECSYS for cancellation.
The number of shares that TECSYS intends to purchase and the time of such purchases will be determined by TECSYS, at its discretion. The purchase period will begin July 23, 2013 and will end on the earlier of July 22, 2014 or the date on which TECSYS will have either acquired the maximum number of common shares or otherwise decided not to make any further purchases.
The Board of Directors of TECSYS has concluded that the purchase of up to 572,471 common shares may be a desirable use of funds for TECSYS and, therefore, would be in the best interests of TECSYS and its shareholders. The purpose of the purchases of common shares is to increase the proportionate share interest in TECSYS of those shareholders who retain their shares. Under a normal course issuer bid which began on July 23, 2012 and will expire on July 22, 2013, TECSYS had purchased, as of July 11, 2013, 101,200 common shares at a weighted average price of $2.34 per common share.
The average daily trading volume of TECSYS over the last six completed calendar months was 7,825 common shares. Under TSX rules, TECSYS may purchase up to 1,956 common shares per trading day.
To the knowledge of TECSYS, after reasonable inquiry, no director, senior officer or any of their associates, or any person acting jointly or in concert with TECSYS, or any person holding 10% or more of the voting shares currently intends to sell common shares under the issuer bid.
TECSYS provides transformative supply chain solutions that equip our customers to succeed in a rapidly-changing omni-channel world. TECSYS solutions are built on a true enterprise supply chain platform, and include warehouse management, distribution and transportation management, supply management at point-of-use, as well as complete financial management and analytics solutions. Customers running on TECSYS' Supply Chain Platform are confident knowing they can execute, day in and day out, regardless of business fluctuations or changes in technology, they can adapt and scale to any business need or size, and they can expand and collaborate with customers, suppliers and partners as one borderless enterprise. From demand planning to demand fulfillment, TECSYS puts power into the hands of both front line workers and back office planners, and unshackles business leaders so they can see and manage their supply chains like never before.
TECSYS is the market leader in supply chain solutions for health systems and hospitals. Over 600 mid-size and Fortune 1000 customers trust their supply chains to TECSYS in the healthcare, service parts, third-party logistics, and general wholesale high-volume distribution industries. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.
Forward Looking Statements
The statements in this web site relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that TECSYS Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of TECSYS Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with TECSYS Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30th, 2016. These documents have been filed with the Canadian securities commissions and are available on this Web site and on SEDAR .
Copyright © TECSYS Inc. 2017. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.