GLENTEL Inc. renews normal course issuer bid to repurchase Common Shares
BURNABY, BC, Feb. 7, 2014 /CNW/ - GLENTEL Inc. ("GLENTEL") (TSX:GLN) has
filed, and has received Toronto Stock Exchange ("TSX") acceptance of, a notice
to renew its normal course issuer bid ("NCIB") to purchase up to 500,000 of
its outstanding Common Shares. Depending upon future price movements and other
factors from time to time, the board of directors of GLENTEL believes that the
purchase of its outstanding Common Shares may represent desirable use of a
portion of its available funds and may provide additional liquidity to its
shareholders, benefiting the remaining shareholders by an increase in the
value of their equity interest in the company.
On January 31, 2014, GLENTEL completed a previous NCIB, through which 59,175
shares were purchased. In the period beginning February 11, 2014 and ending on
February 10, 2015, GLENTEL intends to further acquire up to 500,000 Common
Shares, being 2.24% of the 22,274,065 Common Shares outstanding on February 4,
2014. Subject to any block purchases made in accordance with the rules of the
TSX, GLENTEL will be subject to a daily repurchase maximum of 8,521 Common
Shares, representing 25% of the average daily trading volume of 34,085 Common
Any shares purchased pursuant to the NCIB will be cancelled. Shares will be
purchased at the market price of the shares at the time of purchase and will
be purchased on behalf of GLENTEL by a registered investment dealer through
the facilities of the TSX or other Canadian market places. The funding for any
purchase of Common Shares pursuant to the NCIB will be financed out of working
capital of GLENTEL.
Based in Burnaby, BC, Canada, GLENTEL (TSX: GLN) is a leading provider of
innovative and reliable wireless communications services and solutions,
offering a choice of network carrier and wireless or mobile products to
consumers and commercial customers. GLENTEL is the largest independent
multi-carrier mobile phone retailer in Canada and Australia, and in the United
States GLENTEL operates two of the six Verizon Wireless National Premium
GLENTEL's brands - GLENTEL Solutions, WIRELESSWAVE, WAVE SANS FIL, Tbooth
wireless, la cabine T sans fil, WIRELESS etc…, SANS FIL etc…, Mac Station,
Diamond Wireless, Wireless Zone, and Allphones - span four countries and three
continents. The Company employs over 4,300 employees and operates in more than
1,400 locations, including more than 470 locations in Canada - in retail
malls, business centres, Costco Wholesale Canada stores, and Target Canada
stores; more than 760 Verizon Wireless-authorized locations in the United
States (Diamond Wireless, BJ's Wholesale Club kiosks, and Wireless Zone
corporate and franchise locations); and more than 170 Allphones retail
locations in Australia and the Philippines.
Statements in this release relating to matters that are not historical fact
are forward-looking statements based on current expectations, forecasts and
assumptions that involve risks and uncertainties that could cause actual
outcomes and results to differ materially. Factors that could cause or
contribute to such differences include, but are not limited to, general
economic conditions, changes in technology, reliance on third-party
manufacturing, managing rapid growth, limited intellectual property
protection, and other risks and uncertainties described in Glentel's public
filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS
APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE Glentel Inc.
Investor Relations Contact: Jas Boparai, Chief Financial Officer GLENTEL Inc.
To secure a copy of GLENTEL's annual report, or for additional information,
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CO: Glentel Inc.
ST: British Columbia
-0- Feb/07/2014 13:00 GMT
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