HAMILTON, Ontario, June 13, 2023 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty marketing, payments and point-of-sale technology and services provider, announces that it has filed a Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”) with the TSX Venture Exchange (the “TSXV”), which will allow the Company to purchase outstanding common shares of the Company (“Shares”). The implementation of the NCIB remains subject to the approval of the TSXV.
The Company plans to implement the NCIB because it believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of the Company’s business and its future prospects. Accordingly, the Company believes that having the ability to purchase the Shares will be in the best interest of the Company and represents an opportunity to enhance shareholder value.
Under the NCIB, if approved by the TSXV, the Company may acquire up to an aggregate of 6,068,681 Shares over the 12-month period commencing on June 16th, 2023 and ending on June 15th, 2024, representing 5.0% of the outstanding share capital of the Company as of June 12th, 2023. Additionally, under the NCIB, the Company may not acquire more than 2.0% of the issued and outstanding Shares in any 30-day period.
Purchases subject to the NCIB will be carried out pursuant to open market transactions through the facilities of the TSXV and alternative trading systems or by such other means as may be permitted under applicable securities laws during the term of the NCIB at the prevailing market price of the Shares at the time of purchase. All Shares purchased by the Company under the NCIB will be returned to treasury and cancelled. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management and the Board of Directors of the Company. The NCIB will be conducted through Canaccord Genuity Corp., a member of the TSXV, and made in accordance with the policies of the TSXV.
The funding for any purchases pursuant to the NCIB will be from the working capital of the Company. To the Company's knowledge, none of the officers, or other insiders of the Company, or any associates of such persons, or any associate of affiliate of the Company, has any present intention to sell any Shares to the Company pursuant to the NCIB. The Company has not previously purchased for cancellation any of its outstanding Shares.
A copy of the Company's notice with respect to the NCIB filed with the TSXV may be obtained, by any shareholder without charge, by contacting Steve Levely, Chief Executive Officer, by email at slevely@ackroo.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of the Shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ackroo
Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes. Ackroo’s self-serve, data driven, cloud-based marketing platform helps merchants in-store and online process and manage loyalty, gift card and promotional transactions at the point of sale. Ackroo’s payment services provide merchants with low-cost payment processing options through some of the world’s largest payment technology and service providers. Ackroo’s hybrid management and point-of-sale solutions help manage and optimize the general operations for niche industry’s including used automotive dealers. All solutions are focused on helping to consolidate, simplify and improve the merchant marketing, payments and point-of-sale ecosystem for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com.
For further information, please contact:
Steve Levely
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
Email: slevely@ackroo.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither 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.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the Company’s ability to raise enough capital to support the Company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
