OAKVILLE, ONTARIO--(Marketwire - Sept. 20, 2012) - Pethealth Inc. (TSX:PTZ) ("Pethealth" or the "Company") announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid (the "Bid") for its outstanding common shares (the "Shares"). Pursuant to the notice, Pethealth is entitled to purchase up to 1,668,604 Shares, representing 10% of its public float of 16,686,049 Shares during the twelve month period commencing September 24, 2012, and ending September 23, 2013. There are currently 32,522,568 Shares issued and outstanding. Under the Bid, Pethealth may purchase up to 2,418 Shares on the TSX during any trading day, which represents 25% of the average daily trading volume on the TSX of 9,675 Shares for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the Bid. This limitation does not apply to purchases made pursuant to block purchase exemptions. Purchases will be executed through the facilities of the TSX at market prices under the rules of the TSX.
The actual number of Shares which may be purchased, and the timing of any such purchases, will be determined by Pethealth. All Shares purchased under the Bid will be cancelled. Pethealth has not purchased any of its Shares in the twelve months preceding the date hereof.
Pethealth believes that the repurchases may enhance liquidity for shareholders and that ongoing purchases of its outstanding Shares from time to time at prevailing market prices may be a worthwhile investment and in the best interest of Pethealth and its shareholders.
A copy of Pethealth's notice of the Bid filed with the TSX may be obtained, by any shareholder without charge, by contacting Pethealth's Corporate Secretary.
Pethealth is North America's second largest provider of medical insurance for dogs and cats to pet owners, operating in the United States, Canada and the United Kingdom. In addition, the Company is the leading provider of management software to North American animal welfare organizations through its SaaS-based application and is the leading provider of pet related database management services to the North American companion animal industry. Pethealth offers a unique range of products and services for veterinarians, shelters and pet owners through a number of wholly owned subsidiaries using a range of brand names including PetCare, 24PetWatch, Pet Protect, Petpals Direct, ShelterCare, PetPoint, Petango.com and ThePetangoStore.com.
Pethealth is based in Oakville, Ontario. To find out more about Pethealth, visit the web site at www.pethealthinc.com.
This press release contains information that is forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts.
Forward-looking information by its nature necessarily involves risks and uncertainties including, without limitation, the difficulty of predicting the current regulatory and supervisory environment, the timing and conditions to obtaining any regulatory approval, reliance on insurance underwriters for pet insurance policies, market acceptance and demand for existing and new products and services, including PetPoint and EVE Software and the 24PetWatch microchip program, the Company's ability to maintain and service new and existing customers, the protection of intellectual property associated with its products and services, the impact of competition generally and new competitive products, currency and foreign exchange fluctuations, risks associated with the Company's customer care solutions facility, and related risks and uncertainties. Additional risks and uncertainties affecting the Company can be found in the Company's Annual Information Form available on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. The Company disclaims any intention or obligation, other than those required by security laws, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.