TSX Venture Exchange accepts notice by
Wishpond of its intention to buy back its shares
VANCOUVER, BC, July 10,
2024 /CNW/ - Wishpond Technologies Ltd. (TSXV:
WISH) (OTCQB: WPNDF) ("Wishpond" or the "Company"), a
provider of marketing-focused online business solutions, is pleased
to announce that the TSX Venture Exchange (the "Exchange")
has accepted a notice filed by the Company of its intention to make
a normal course issuer bid (the "Bid") to be transacted
through the facilities of the Exchange.
The Board of Directors of the Company (the "Board")
believes that the recent market prices of the Company's common
shares (the "Shares") do not properly reflect the underlying
value of such Shares. As a result, depending upon future price
movements and other factors, the Board believes that the purchase
of the Shares would be a desirable use of corporate funds in the
best interests of the Company and its shareholders. Furthermore,
the purchases are expected to benefit all persons who continue to
hold Shares by increasing their equity interest in the Company if
the repurchased Shares are cancelled.
The notice provides that the Company may, during the 12-month
period commencing July 15, 2024, and
ending July 14, 2025, purchase up to
2,707,931 Shares in total, being 5% of the total number of
54,158,620 Shares outstanding as at June 26,
2024. Additionally, under the Bid, the Company may not
acquire more than 2% of the issued and outstanding Shares in any
30-day period. The price which the Company will pay for any such
Shares will be the prevailing market price at the time of
acquisition. The actual number of Shares which may be purchased
pursuant to the Bid and the timing of any such purchases will be
determined by management of the Company. Purchases under the Bid
will be made from time to time by Beacon Securities Ltd. on behalf
of the Company.
Under the terms of the previous normal course issuer bid, the
Company had received approval from the Exchange to acquire up to
2,688,431 Shares in the period between June
30, 2023, and June 29, 2024
("Previous NCIB"). No Shares were purchased pursuant to the
Previous NCIB.
All Share purchases will be made on the open market through the
facilities of the Exchange and will be purchased for cancellation.
The funding for any purchase pursuant to the Bid will be financed
out of the working capital of the Company. To the knowledge of the
Company, no director, senior officer or other Insider (as such term
is defined in the Exchange Policy 1.1 – Interpretation) of
the Company or any of their Associates (as such term is defined in
the Exchange Policy 1.1 – Interpretation) currently intends
to sell any Shares under this Bid; however, sales by such persons
through the facilities of the Exchange or any other available
market or alternative trading system may occur if the personal
circumstances of any such persons change or if any such persons
make a decision unrelated to these normal course purchases. The
benefits to any such person whose Shares are purchased would be the
same as the benefits available to all other holders whose Shares
are purchased.
A copy of the Company's notice filed with the Exchange may be
obtained, by any shareholder without charge, by contacting the
Company's Corporate Secretary at:
governance@wishpond.com.
About Wishpond Technologies Ltd.
Based out of Vancouver, British
Columbia, Wishpond is a provider of marketing-focused online
business solutions. Wishpond is a leading provider of digital
marketing solutions that empower entrepreneurs to achieve success
online. The Company's Propel IQ platform offers an "all-in-one"
marketing suite that provides companies with marketing, promotion,
lead generation, ad management, referral marketing, sales
conversion and outbound sales automation capabilities in one
integrated platform. Wishpond replaces disparate marketing
solutions with an easy-to-use product, for a fraction of the cost.
Wishpond serves over 4,000 customers who are primarily small and
medium-sized businesses (SMBs) in a wide variety of
industries. The Company has developed cutting-edge marketing
technology solutions, including an AI powered website builder, an
AI email automation tool, an AI Sales Agent and continues to add
new AI enabled features and applications. The Company employs
a Software-as-a-Service (SaaS) business model where most of the
Company's revenue is subscription-based recurring revenue which
provides excellent revenue predictability and cash flow visibility.
Wishpond is listed on the TSX Venture Exchange under the ticker
"WISH", and on the OTCQX Best Market under the ticker "WPNDF". For
further information, visit: www.wishpond.com.
On Behalf of the Board of Directors
"Ali
Tajskandar"
Chairman, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary & Forward-Looking Statements
This press release includes certain statements and
information that may constitute forward-looking information within
the meaning of applicable Canadian securities laws. All statements
in this news release, other than statements of historical facts,
including statements regarding future estimates, plans, objectives,
timing, assumptions or expectations of future performance,
including the statement that the Company will complete the
purchases of the Shares pursuant to the Bid and that the purchases
made pursuant to the Bid are expected to benefit all persons who
continue to hold Shares by increasing their equity interest in the
Company if the repurchased Shares are cancelled are forward-looking
statements and contain forward-looking information.
Generally, forward-looking statements and information can be
identified by the use of forward-looking terminology such as
"intends" or "anticipates", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "should", "would" or "occur". Forward-looking statements
are based on certain material assumptions and analysis made by the
Company and the opinions and estimates of management as of the date
of this press release, including that the Company will be able to
complete the purchases of the Shares pursuant to the Bid and that
the purchases made pursuant to the Bid will benefit all persons who
continue to hold Shares by increasing their equity interest in the
Company if the repurchased Shares are cancelled. These
forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements or forward-looking information.
Important factors that may cause actual results to vary, include,
without limitation, that the Company will not be able to complete
the purchases of the Shares pursuant to the Bid and that the
purchases made pursuant to the Bid will not benefit all persons who
continue to hold Shares. Although management of the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements or forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Readers
are cautioned that reliance on such information may not be
appropriate for other purposes. The Company does not undertake to
update any forward-looking statement, forward-looking information
or financial out-look that are incorporated by reference herein,
except in accordance with applicable securities laws.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wishpond-announces-normal-course-issuer-bid-302192863.html
SOURCE Wishpond Technologies Ltd.
