TORONTO, ONTARIO--(Marketwire - March 9, 2009) - NTG Clarity Networks Inc., (TSX VENTURE:NCI) a leader in delivering network, IT and infrastructure solutions, today announced that it has filed with the TSX Venture Exchange (the "Exchange") a Notice of Intention to Make a Normal Course Issuer Bid with respect to its common shares which shall commence on March 12, 2009 and terminate on March 11, 2010 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased.
In the opinion of the Board of Directors of NTG Clarity, the market price of the common shares of NTG Clarity does not accurately reflect the value of those shares. As a result, NTG Clarity's common shares may become available for purchase at prices which make them an appropriate use of funds of the Company.
NTG Clarity intends to attempt to acquire up to an aggregate of 1,951,752 of its common shares over the next 12-month period, representing approximately 10.0% of the outstanding common shares that are held in the public float and 7.65% of the outstanding common shares. As at March 9, 2009, there were 19,517,528 common shares in the public float outstanding and 25,518,808 common shares outstanding.
Purchases subject to this Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the Exchange by BMO Nesbitt Burns, on behalf of NTG Clarity. All common shares purchased by NTG Clarity under the Normal Course Issuer Bid will be cancelled.
About NTG Clarity Networks
NTG Clarity Networks' vision is to be the worlds' leading networking solutions company. Established in 1992, NTG Clarity is a leader in Canada in delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 100 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises. NTG Clarity's services are offered internationally, with offices and operations currently in Toronto, Cairo, Saudi Arabia and Kuwait.
FOR FURTHER INFORMATION PLEASE CONTACT:
NTG Clarity Networks Inc.
Chief Executive Officer and Chairman
(905) 752-0469 (FAX)