Enables Normal Course Issuer Bid purchases to continue during Company's quarterly trading blackout period
VANCOUVER, Dec. 22 /CNW/ - Absolute(R) Software Corporation ("Absolute" or the "Company") (TSX: ABT), the leading provider of firmware-based, patented, computer theft recovery, data protection and IT asset management solutions today announced that on December 19, 2008, it obtained approval from the TSX for an Automatic Share Purchase Plan ("Plan") which will enable the Company to continue purchasing shares under its Normal Course Issuer Bid ("Bid") during its quarterly trading blackout period.
Absolute believes that purchases under the Bid are an appropriate use of corporate funds, and accordingly, desires to continue making purchases under the Bid during its quarterly trading blackout period. In accordance with company policy, the quarterly blackout period goes into effect on December 23, 2008 and is expected to terminate on February 5, 2009 (after termination of the reporting materials). As a result, purchases under the Plan are approved to commence on December 24, 2008, with trading through a designated broker that is a participating organization of the TSX. The Plan expires on February 5, 2009, and, subject to pricing and volume restrictions imposed by the Company, to the rules and polices of the TSX and to the specific terms of the Bid, all trades under the Plan are entirely at the broker's discretion.
The Company's Bid was approved by the TSX on November 6, 2008 and enables Absolute to purchase and cancel up to 4,174,122 of its shares. By December 21, 2008, a total of 655,500 shares had been purchased under the Bid. The Bid allows for the purchase on a daily basis of up to 123,878 shares until March 31, 2009 and 61,939 shares thereafter, except where purchases are made in accordance with "block purchases" exemptions under applicable TSX policies.
About Absolute Software
Absolute Software Corporation (TSX: ABT) is the leader in computer theft recovery, data protection and IT asset management solutions. Absolute Software provides organizations and consumers with solutions in the areas of regulatory compliance, data protection and theft recovery. The company's Computrace software is embedded in the firmware of computers by global leaders, including Dell, Fujitsu, General Dynamics Itronix, HP, Lenovo, Motion, Panasonic and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected performance of Absolute's services and products, the availability of certain services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
(C)2008 Absolute Software Corporation. All rights reserved. Computrace and Absolute are registered trademarks of Absolute Software Corporation. Computrace U.S. patents No. 5,715,174, No. 5,764,892, No. 5,802,280, No. 5,896,497, No. 6,244,758, No. 6,269,392, No. 6,300,863, and No. 6,507,914. Canadian patents No. 2,284,806 and No. 2,205,370. U.K. patents No. EP793823 and No. GB2338101. German patent No. 695 125 34.6-08. Australian patent No. 699045. Japanese patent No. JP4067035. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.