EDMONTON, ALBERTA--(Marketwire - June 20, 2012) - Serenic Corporation (the "Corporation" or "Serenic") (TSX VENTURE:SER), an international software developer specializing in integrated financial management and HCM solutions for not-for-profit organizations, government agencies, and Microsoft Dynamics NAV users, announces its intent to conduct a Normal Course Issuer Bid (the "Bid") pursuant to the provisions of TSX Venture Exchange Policy 5.6.
The Bid, which is subject to the approval of the TSX Venture Exchange, will consist of the purchase, from time to time, if and to the extent Serenic considers it advisable, of up to 906,900 common shares, representing 10% of the public float of 9,068,995 common shares upon the proposed date of commencement of the Bid. There are currently 14,876,958 common shares of Serenic issued and outstanding. The Bid is to commence on June 22, 2012, and will terminate on June 21, 2013 or earlier if the number of shares sought in the Bid have been obtained. Serenic reserves the right to terminate the Bid earlier if it feels it is appropriate to do so. All shares acquired under the Bid will be returned to treasury for cancellation.
Under its previous normal course issuer bid that commenced June 22, 2011 and expired June 21, 2011, Serenic purchased 313,500 common shares through open market purchases on the TSX Venture Exchange at an average cost per share of $0.27.
Common shares will be purchased at the market price at the time of purchase and will be purchased on behalf of Serenic by Union Securities Ltd., Serenic's broker in connection with the Bid, in accordance with the rules and policies of the TSX Venture Exchange.
Serenic believes that current market conditions provide opportunities for Serenic to acquire common shares at attractive prices and that the repurchase of common shares at current market prices is an appropriate use of corporate funds.
Serenic Corporation publishes mission-critical software products for not-for-profits (NFP), educational institutions and governments. The Company's products are based on leading application and technology platforms from Microsoft, including Dynamics NAV, SQL Server, and .NET, and are distributed in North America and internationally through value-added resellers and a direct sales organization. Serenic Corporation is the exclusive developer of human resource management and payroll products for Microsoft Dynamics NAV ERP users in North America. Serenic has offices in Edmonton, Alberta and Denver, Colorado and staff located throughout the USA, Europe and Africa.
ON BEHALF OF THE BOARD OF DIRECTORS
By: "Dwayne Kushniruk", Chairman
Forward Looking Statements
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "anticipate", "believe", "will", and similar expressions and statements relating to matters that are not historical facts, are forward looking statements. Such forward looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Serenic Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, software industry risks, general business risks, foreign currency risks, economic dependence risks, and credit risks.
Neither 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.