MONTREAL, QUEBEC--(Marketwire - July 19, 2012) - 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 575,858 common shares, being approximately 5% of the 11,517,171 common shares outstanding as of July 3, 2012 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, 2012 and will end on the earlier of July 22, 2013 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 575,858 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 21, 2011 and will expire on July 20, 2012, TECSYS had purchased, as of July 3, 2012, 274,500 common shares at a weighted average price of $2.33 per common share.
The average daily trading volume of TECSYS over the last six completed calendar months was 1,643 common shares (the "ADTV"). Under TSX rules, TECSYS may purchase up to 1,000 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 is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company's customers include about 500 mid-size and Fortune 1000 corporations in healthcare, third-party logistics, and general wholesale high-volume distribution industries. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.
The statements in this news release 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, 2011. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).
Copyright © TECSYS Inc. 2012. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.