Points Announces Repurchase of Common Shares
February 04 2015 - 6:00AM
Points (TSX:PTS) (Nasdaq:PCOM), the global leader in loyalty
currency management, announced today that its Board of Directors
has approved the repurchase of up to 782,454 of its common shares
(the "Repurchase"), representing approximately 5% of its issued and
outstanding shares as of January 31, 2015.
The primary purpose of the Repurchase is purchases for
cancellation. Repurchases will be made from time-to-time at Points'
discretion, based on ongoing assessments of Points' capital needs,
the market price of its common shares, general market conditions
and other factors. Repurchases may be effected through the
facilities of the NASDAQ Capital Market ("NASDAQ") and, subject to
approval by the Toronto Stock Exchange ("TSX"), may also be
effected through the facilities of the TSX.
All purchases of common shares will be made in accordance with
applicable securities laws and stock exchange rules of the United
States and Canada. Repurchases on NASDAQ will be at the market
price at the time of purchase in compliance with applicable
securities laws of the United States and Repurchases on the TSX
will be at the market price at the time of purchase in accordance
with the rules and policies of the TSX. Purchases may also be made
through other published markets, or by such other means as may be
permitted by the TSX, NASDAQ and applicable law. Subject to
regulatory requirements, the actual number of common shares
purchased and the timing of such purchases, if any, will be
determined by Points having regard to future price movements and
other factors.
The Repurchase is expected to commence on the NASDAQ on or about
March 4, 2015 following the expiry of current blackout
restrictions. The Repurchase through the TSX is subject to approval
by the TSX and is expected to commence on the later of March 4,
2015 and the date of this approval. The Repurchase will terminate
on March 3, 2016 and will be subject to Points' normal trading
blackout periods. During the past 12 months, Points has not
repurchased any of its common shares through a share repurchase
program, normal course issuer bid.
About Points
Points, publicly traded as Points International Ltd. (TSX:PTS)
(Nasdaq:PCOM), is the global leader in loyalty currency management.
Via a state-of-the-art loyalty commerce platform, Points provides
loyalty eCommerce and technology solutions to the world's top
brands to enhance their consumer offerings and streamline their
back-end operations.
Points' solutions enhance the management and monetization of
loyalty currencies ranging from frequent flyer miles and hotel
points to retailer and credit card rewards, for more than 50
partners worldwide. Points also manages Points.com, where almost 4
million consumers use the only industry sanctioned loyalty wallet
to not only track all of their loyalty programs but also trade,
exchange and redeem their miles and points. In addition to these
services, Points' unique SaaS products allow merchants and
businesses to reward their customers with points and miles from the
world's largest loyalty brands.
In 2014, Points acquired PointsHound, a hotel booking engine and
loyalty currency aggregator built specifically for frequent
travelers. PointsHound enables loyalty program members to earn
loyalty points for staying in their favorite hotels and also to
earn bonus rewards in the form of airline miles. Members of the
free-to-use site have access to over 150,000 hotels worldwide,
including boutique and non-chain properties.
Points has been widely recognized among the loyalty and
technology communities alike. The company was named the 4th largest
Canadian software company and the 36th largest Canadian technology
company by the 2014 Branham300 list. For more information on
Points, please visit www.Points.com, follow us on Twitter
(@PointsBiz) or read the Points company blog. For more information
on PointsHound, please visit www.PointsHound.com
Caution Regarding Forward-Looking
Statements
This press release contains or incorporates forward-looking
statements within the meaning of United States securities
legislation, and forward-looking information within the meaning of
Canadian securities legislation (collectively "forward-looking
statements"). These forward-looking statements include, among other
things, statements with respect to future purchases of common
shares under the Repurchase. These statements are not historical
facts but instead represent only Points' expectations, estimates
and projections regarding future events.
Although Points believes the expectations reflected in such
forward-looking statements are reasonable, such statements are not
guarantees of future performance and are subject to important risks
and uncertainties that are difficult to predict. Certain material
assumptions or estimates are applied in making forward-looking
statements, and actual results may differ materially from those
expressed or implied in such statements. Undue reliance should not
be placed on such statements. Other important risk factors that
could cause actual results to differ materially include the risk
factors discussed in Points' annual information form, Form-40-F,
annual and interim management's discussion and analysis, and annual
and interim financial statements and the notes thereto. These
documents are available at www.sedar.com and www.sec.gov.
The forward-looking statements contained in this press release
are made as at the date of this release and, accordingly, are
subject to change after such date. Except as required by law,
Points does not undertake any obligation to update or revise any
forward-looking statements made or incorporated in this press
release, whether as a result of new information, future events or
otherwise.
CONTACT: Addo Communications
Laura Bainbridge, Kimberly Esterkin
laurab@addocommunications.com;
kimberlye@addocommunications.com
(310) 829-5400
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