TORONTO, Sept. 3,
2024 /CNW/ - CareRx Corporation ("CareRx" or
"the Company") (TSX: CRRX) today announced that the
Toronto Stock Exchange (the "TSX") has approved the Company's
normal course issuer bid (the "NCIB") to purchase for cancellation
up to 1,500,000 of its common shares ("Shares"), representing
approximately 2.5% of its 60,075,433 issued and outstanding Shares
as at August 27, 2024.
It is expected that the NCIB will begin on September 7, 2024 and will end on September
6, 2025. Daily purchases on the TSX under the NCIB will be
limited to 3,521 Shares, other than purchases made pursuant to the
block purchase exception, being 25% of the average daily trading
volume on the TSX for the six months ending July 31, 2024. The actual number of Shares to be
purchased, and the timing of any such purchases, will be determined
by the Company, subject to the applicable rules and policies of the
TSX. All Shares acquired will be cancelled.
The Company previously maintained a normal course issuer bid for
the twelve-month period commencing on September 6, 2023 and ending on September 7, 2024 (the "Previous NCIB"), under
which the Company sought and received approval from the TSX to
purchase up to 1,000,000 Shares. As of August 27, 2024, the Company has purchased
256,148 Shares under the Previous NCIB at a weighted average
purchase price of $2.13 per Share
through the facilities of the TSX and alternative Canadian trading
systems.
Although the Company presently intends to purchase Shares under
its NCIB, there can be no assurances that any such purchases will
be completed. The purchases will be made through the facilities of
the TSX and/or any alternative trading system in Canada. The Company will pay the market price
for the common shares at the time of acquisition and the purchases
will be made in accordance with applicable regulatory
requirements.
About CareRx Corporation
CareRx is Canada's leading provider of pharmacy
services to seniors living communities. We serve approximately
90,000 residents in approximately 1,450 seniors and other
congregate care communities (long-term care homes, retirement
homes, assisted living facilities, and group homes). We are a
national organization with a large network of pharmacy fulfillment
centres strategically located across the country. This allows us to
deliver medications in a timely and cost-effective manner and
quickly respond to routine changes in medication management. We use
best-in-class technology that automates the preparation and
verification of multi-dose compliance packaging of medication,
providing the highest levels of safety and adherence for
individuals with complex medication regimens. We take an active
role in working with our home operator partners to promote resident
health, staff education, and medication system quality and
efficiency.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities legislation. These forward-looking statements
include, among others, statements regarding the Company's business
strategy, plans and other expectations, beliefs, goals, objectives,
information and statements about possible future events.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate" or similar expressions
suggesting future outcomes or events. Such forward-looking
statements reflect management's current beliefs and are based on
information currently available to management.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such
differences include the Company's general business risks, the
Company's exposure to and reliance on government regulation and
funding, risks related to employee recruitment and retention, the
Company's liquidity and capital requirements, exposure to epidemic
or pandemic outbreak, reliance on contracts with key care operators
and other risk factors described from time to time in the reports
and disclosure documents filed by the Company with Canadian
securities regulatory agencies and commissions. These and other
factors should be considered carefully and readers should not place
undue reliance on the Company's forward-looking statements. As a
result of the foregoing and other factors, no assurance can be
given as to any such future results, levels of activity or
achievements and neither the Company nor any other person assumes
responsibility for the accuracy and completeness of these
forward-looking statements. The factors underlying current
expectations are dynamic and subject to change.
SOURCE CareRX Corporation
