Globalive Technology commenced its normal course issuer bid
program earlier this month with the aim of purchasing for
cancellation up to 5% of its common shares by December 31, 2020.
TORONTO, Feb. 10, 2020 /CNW/ - Globalive Technology Inc.
(TSX-V: LIVE) (the "Company"), a technology company focused on
developing innovative payment, billing and credit solutions for
consumers and businesses, commenced its normal course issuer bid
program (the "Share Buy-Back Program") earlier this month. Under
the Share Buy-Back Program, the Company aims to purchase for
cancellation up to 5% (7,002,901) of its outstanding common shares
by December 31, 2020.
The Company first announced its intention to launch the Share
Buy-Back Program on January 16, 2020
and received approval from the TSX Venture Exchange (the
"Exchange") to proceed with the program on January 20, 2020. The Company subsequently
retained Canaccord Genuity Corp. to act as its broker (the
"Broker") to assist with the Share Buy-Back Program and began
making purchases on February 3,
2020.
The Company initiated the Share Buy-Back Program because it
believes the market price of its common shares, from time to time,
may not reflect their underlying value. Expending some of the
Company's available capital to purchase shares for cancellation
that can be reissued at a higher share price in future financings
is expected to provide a net benefit to the Company and its
shareholders.
Pursuant to Exchange rules, the Company may not purchase more
than 2.0% of its then-issued and outstanding common shares in any
consecutive 30-day period. The proposed Share Buy-Back Program is
an automatic securities purchase plan, such that the specific
timing of any share purchase under the program will be determined
by the Broker in accordance with applicable laws and standing
instructions from management, including maximum price and total
funds available for purchases. There can be no assurance as to the
precise number of common shares that will be repurchased under the
Share Buy-Back Program or the price at which they will be
purchased, and the Company may discontinue its purchasing at any
time, subject to compliance with applicable regulatory
requirements.
About Globalive Technology Inc.
Globalive Technology is a next generation software company and
venture partner developing innovative solutions to disrupt
traditional industries by leveraging artificial intelligence and
machine learning technology stacks, with a particular focus on
delivering innovative payment, billing and credit solutions.
Globalive Technology is controlled by Globalive Capital Inc., which
has founded and co-founded 12 businesses over the past 20 years
with six successful exits ranging from $10M to $1.3B
USD. It has also made over 100 venture investments and has over 45
technology companies in its portfolio. For more information,
visit www.globalivetech.com.
For media inquiries:
Rob
Moysey
Communications Manager, Globalive
Media@globalivetech.com
For investor inquiries:
Simon
Lockie
Chief Corporate Officer
1-647-977-2727
InvestorRelations@globalivetech.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements
relating to the Company and the proposed Share Buy-Back Program,
including the benefits of such program and the number of shares the
Company may purchase under the program. Such forward-looking
statements are identified by terms such as "aim", "aims",
"believes", "future", "may", "will" and similar expressions.
All statements, other than statements of historical fact included
in this release, including those noted above, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include low trading volumes for the Company's common shares,
fluctuations in the market price of the Company's common shares,
changes in the availability of funds to purchase common shares
under the Share Buy-Back Program, changes in the Company's business
plan or capital requirements and other risks as set out in the
Company's Filing Statement available on its SEDAR page
at www.sedar.com.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties, and other
factors, many of which are beyond the control of the Company.
The Company cannot guarantee that any of the forward-looking
statements contained in this press release will occur as disclosed
herein or at all. The reader is cautioned not to place undue
reliance on any forward-looking information.
Such information, although considered reasonable by
management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will only
update or revise publicly the included forward-looking statements
as expressly required by Canadian securities law.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Globalive Technology