TORONTO, ONTARIO--(Marketwire - Dec. 15, 2011) - Sangoma Technologies Corporation (TSX VENTURE:STC), a leading provider of hardware and software components that enable or enhance IP Communications Systems for both voice and data, today announced its intention to make a normal course issuer bid.
Pursuant to the terms of the bid, Sangoma may purchase its own common shares for cancellation through the facilities of the Toronto Venture Exchange ("TSXV") at the prevailing market price of the common shares. The number of common shares purchased by Sangoma will in no event be in excess of 5% of the issued and outstanding common shares at the date the bid commences, being 1,491,890 common shares of the 29,837,809 currently issued and outstanding common shares, nor more than 2% in any 30 day period. Sangoma may undertake purchases at varying times commencing on December 19, 2011 and continuing until no later than December 18, 2012. Sangoma believes that, from time to time, the market price of its common shares does not fully reflect the value of its business and its future prospects. As such, Sangoma believes that the repurchase of its common shares will, in the appropriate circumstance, provide an economically worthwhile investment for Sangoma and it is an appropriate and legitimate use of its available funds. The member and broker that will be conducting the normal course issuer bid is GMP Securities L.P. Sangoma's previous normal course issuer bid expired December 13, 2011. The Company purchased 505,000 Common Shares under the Bid at an average price of $0.50. All purchases were made through the Toronto Venture Exchange and all shares purchased were cancelled. A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.
About Sangoma Technologies Corporation
Sangoma is a leading provider of hardware and software components that enable or enhance IP Communications Systems for both telecom and datacom applications. Enterprises, SMBs and Carriers in over 150 countries rely on Sangoma's technology as part of their mission critical infrastructures. Through its worldwide network of Distribution Partners, Sangoma delivers the industry's best engineered, highest quality products, some of which carry the industry's first lifetime warranty. The product line includes data and telecom boards for media and signal processing, as well as gateway appliances and software.
Founded in 1984, Sangoma Technologies Corporation is publicly traded on the TSX Venture Exchange (TSX VENTURE:STC). Additional information on Sangoma can be found at www.sangoma.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.