TORONTO, Dec. 3, 2019 /CNW/ - Pivot Technology Solutions, Inc. (TSX: PTG), ("Pivot" or the "Company") a full-service information technology provider, today announced that it has entered into an automatic share purchase plan effective today ("ASPP") with Echelon Wealth Partners, Inc. ("Echelon") in order to facilitate repurchases of its common shares under its normal course issuer bid ("NCIB").
The Company's NCIB commenced on June 24, 2019 and will continue until June 23, 2020, unless completed or terminated earlier and will be effected through the facilities of TSX.
Under its NCIB, the Company may during the twelve months ending June 23, 2020, purchase for cancellation up to 3,791,395 common shares of the Company or approximately 10% of the Company's total public float at prevailing market prices, in accordance with the rules of the Toronto Stock Exchange ("TSX").
Under the ASPP, Echelon may repurchase shares under the NCIB on behalf of the Company at any time including, without limitation, when the Company would ordinarily not be permitted due to regulatory restrictions or blackout periods. Purchases will be made at prevailing market prices upon the parameters prescribed by the TSX and applicable securities laws and the terms of the ASPP. Daily purchases will be restricted to not more than 21,015 common shares, representing 25% of 84,062, the average daily trading volume of the common shares calculated from December 1, 2018 to May 31, 2019, subject to certain prescribed exemptions. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. The Company may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements.
About Pivot Technology Solutions
Pivot is a leading information technology infrastructure and services provider to approximately 2,000 customers, including many members of the Fortune 500. With offices throughout North America, Pivot uses its knowledge and local presence to help corporations, governments and educational institutions design, build, implement and maintain advanced computing and communication infrastructure. For more information, visit www.pivotts.com.
Forward Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements with respect to the NCIB by the Company and management's expectations regarding the Company's plans to repurchase for cancellation common shares under the renewed NCIB. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend", "anticipate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors Pivot believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: regulatory compliance, market and economic conditions, availability of sellers, changes in laws and regulations and restrictions under the Company's credit facilities. The "forward-looking statements" contained herein speak only as of the date of this news release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
SOURCE Pivot Technology Solutions, Inc