LONGUEUIL, QC, Feb. 20, 2014 /CNW Telbec/ - Mediagrif Interactive
Technologies Inc. ("Mediagrif" or the "Corporation") (TSX: MDF), a
world-leading operator of e-business solutions, announces that it has
obtained approval from the Toronto Stock Exchange (the "TSX") in order
to proceed with a Normal Course Issuer Bid.
Therefore, beginning on February 24, 2014, Mediagrif will be authorized
to acquire for cancellation, from time to time, during a twelve-month
period and when it deems it appropriate, up to a maximum of 300 000
common shares, representing approximately 1.9% of the 15,833 775 issued
and outstanding shares as of February 19, 2014. Mediagrif's management
considers that the acquisition of common shares in the course of this
Issuer Bid may represent a sound use of the Corporation's funds both
for the Corporation and for its shareholders. All purchases will be
made through the facilities of the TSX.
None of Mediagrif's directors or senior officers, nor any of their
associates, nor any person acting jointly or in concert with Mediagrif,
or holding 10% or more of the shares of any class of shares of
Mediagrif, will receive any direct or indirect benefit as a result of
this Normal Course Issuer Bid other than the benefits conferred upon
all the shareholders of Mediagrif.
Purchases on the Normal Course Issuer Bid may commence on February 24,
2014 until, at the latest, February 23, 2015. The average daily trading
volume ("ADTV") of Mediagrif's common shares on the TSX was 5 762 for
the six-month period, which started on August 1, 2013 through January
31, 2014. Based on that number, Mediagrif would be entitled to purchase
up to 25% of the ADTV on any trading day, being 1 440 common shares.
In accordance with the rules of the TSX, a listed issuer may make one
block purchase per calendar week that exceeds the daily repurchase
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions since 1996. Its web
platforms enable clients to find, purchase and sell products, exchange
information, gain access to business opportunities and manage supply
chain collaboration with greater speed and efficiency. The Company
provides e-commerce solutions in the fields of electronic components,
computer equipment and telecommunications, medical equipment,
automotive aftermarket, wine and spirits, diamonds and jewelry,
classified ads, recruitment and career services, online dating, supply
chain collaboration and government opportunities. Mediagrif has its
headquarters in Longueuil and has offices in North America and Asia.
For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.
This press release contains certain forward-looking statements with
respect to the Company. These forward-looking statements, by their
nature, necessarily involve risks and uncertainties that could cause
actual results to differ materially from those contemplated by these
forward-looking statements. We consider the assumptions on which these
forward-looking statements are based to be reasonable, but caution the
reader that these assumptions regarding future events, many of which
are beyond our control, may ultimately prove to be incorrect since they
are subject to risks and uncertainties that affect us. We disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by applicable securities legislation. All
amounts are in Canadian dollars.
SOURCE Mediagrif Interactive Technologies Inc.