EDMONTON, ALBERTA -- (Marketwired) -- 07/08/13 -- 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 continue to acquire shares under 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 849,400 common shares, representing 10% of the public float of 8,493,995 common shares upon the proposed date of commencement of the Bid. There are currently 14,301,958 common shares of Serenic issued and outstanding. The Bid is to commence on July 10, 2013, and will terminate on July 9, 2014 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.
The Corporation conducted a Bid from June 22, 2011 to June 22, 2012 during which 313,500 shares were purchased and cancelled for a cost of $44,006. The Corporation also conducted a Bid from June 25, 2012 to June 25, 2013 during which 575,000 shares were purchased and cancelled at a total cost of $144,206.
Common shares will be purchased at the market price at the time of purchase and will be purchased on behalf of Serenic by Wolverton 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
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.
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