WATERLOO, ON, Dec. 22,
2014 /CNW/ - RDM Corporation (TSX:RC), a leader in remote
deposit capture (RDC) solutions, today reported that its Notice of
Intention to make a Normal Course Issuer Bid (the "Bid") has been
accepted by the Toronto Stock Exchange (the "TSX").
Pursuant to the Bid, RDM may purchase up to 1,083,686 common
shares, representing approximately 5 per cent of the issued and
outstanding common shares as of December 18,
2014. The Company may purchase the shares commencing on
December 30, 2014 until December 29, 2015 or on such earlier date RDM
completes its permitted purchases pursuant to the Notice or
provides notice of termination of the Bid. Any purchases will be
made through the facilities of the TSX at prevailing market prices
in accordance with regulatory requirements.
For purposes of the TSX normal course issuer bid rules, RDM's
average daily trading volume ("ADTV") for the past six months was
27,773 Common Shares. As a result, RDM will be subject to a daily
repurchase restriction of 6,943 Common Shares under the Bid (being
25% of the ADTV), except where purchases are made in accordance
with the "block purchase exception" of the TSX rules. RDM will
cancel any common shares purchased pursuant to the Bid.
RDM's Board of Directors believes the Company's common shares are
an attractive investment and that normal course purchases at recent
market prices may represent an attractive investment and a
desirable use of its available funds. As at December 18, 2014, the Company had 21,673,726
issued and outstanding common shares.
About RDM Corporation
RDM Corporation (www.rdmcorp.com), is a leading provider
of remote deposit capture (RDC) and complex desktop remittance
processing solutions designed to help clients simplify the way they
do business. Four of the top ten financial institutions in
the United States use RDM's
payment processing solutions. RDM processes over $600 billion in payments annually and helps
corporations and financial institutions increase revenue, expand
market share and improve customer service for over 30,000
end-users. RDM serves 32 percent of the top 100 Fortune 500
companies including brokerage firms, big box retailers, healthcare
and insurance providers, and government entities.
For over 25 years, RDM has worked with clients to provide both
software and hardware solutions including web-based and mobile RDC
for large corporate clients and small businesses, transactional
data management, and manufactures a wide range of digital imaging
scanners. RDM was recently named to the Branham300 list, which
highlights the top Canadian and multinational companies servicing
the Information and Communication Technology (ICT) marketplace.
Forward-looking statements
This news release contains forward-looking statements.
Forward-looking statements are based on estimates and assumptions
made by RDM in light of its experience and its perception of
historical trends, current conditions and expected future
developments, as well as other factors that RDM believes are
appropriate in the circumstances. Many factors could cause RDM's
actual results, performance or achievements to differ materially
from those expressed or implied by forward-looking statements. Risk
factors relating to RDM are discussed in the Risks and
Uncertainties section of RDM's Annual Information Form and year-end
Management's Discussion and Analysis. These factors should be
considered carefully, and readers should not place undue reliance
on RDM's forward-looking statements. RDM has no intention and
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE RDM Corporation