Saturday, October 1 2022

TORONTO and GATINEAU, Quebec, Aug. 08, 2022 (GLOBE NEWSWIRE) — Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) further announces its press release dated July 27, 2022 stating that the Toronto Stock Exchange (the “TSX”) approved the Company’s Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”). Pursuant to the issuer bid, Converge may purchase for cancellation up to an aggregate of 10,744,818 common shares (the “Common Shares”) representing 5% of the issued and outstanding Common Shares as of July 31, 2022. The issuer bid will begin on August 11, 2022. 2022 and will end one year after it becomes effective, or earlier if the maximum number of common shares under the terms of the issuer bid has been purchased or if the The issuer bid is terminated at the Company’s option.

The Company and its Board of Directors believe that, from time to time, market prices of Common Shares may not fully reflect the underlying value of the Company’s business and its future business prospects and, therefore, the OPRCA is in the interests of the Company and constitutes a desirable use of its funds.

Purchases of Common Shares pursuant to the Issuer Bid will be made in the open market through the facilities of the TSX and/or other authorized Canadian trading systems. The price paid for Common Shares will be prevailing market prices in accordance with applicable rules and policies of the TSX and applicable securities laws. All common shares acquired by the Company pursuant to the issuer bid will be cancelled.

In addition, the Company has entered into an automatic stock purchase plan agreement (the “APSP”) with Hampton Securities Limited (“Hampton” or the “Broker”) to facilitate the repurchase of Common Shares. Pursuant to the ASPP, Hampton may purchase common stock under the tender offer at times when the company would not normally be active in the market due to its own internal trading blackout periods, rules on insider trading or otherwise. Trading limits and other parameters for automatic purchases of Common Shares under the ASP will be determined between the Company and the broker in accordance with the rules and policies of the TSX, applicable securities laws and the terms of the ASP. Outside these blackout periods, the Company may purchase common shares at its option under the public issuer bid.

Under the issuer bid, in addition to purchases made under a block purchase exemption in accordance with the rules and policies of the TSX, Converge may not purchase more than 170,868 of the issued and outstanding common shares on the TSX during one trading day, which represents approximately 25% of the average daily trading volume of 683,473 common shares of the Company during the last six calendar months ended preceding July 31, 2022.

About Converge

Converge Technology Solutions Corp. is an IT and cloud software solutions provider focused on providing industry-leading solutions and services. Converge’s total solution approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to customers across various industries. The company supports these solutions with expertise in consulting, implementation and managed services from all major IT vendors in the market. This multi-faceted approach enables Converge to meet the unique business and technology requirements of all public and private sector customers. For more information, visit convergetp.com.

For more information, contact:

Converge Technology Solutions Corp.

Email: [email protected]

Phone: 416-360-1495

Forward-looking information

Certain information in this press release may constitute forward-looking information under applicable securities laws, including statements relating to the timing and amount of potential purchases and cancellation of common stock under the takeover bid and the ASPP. Forward-looking statements are necessarily based on various assumptions which, although the Company believes them to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events differ materially from those expressed or implied by such statements. forward-looking statements. Except as required by law, Converge undertakes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors should they change. Readers are cautioned not to place undue reliance on forward-looking statements.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s filings available on SEDAR under the Company’s profile at www.sedar.com , including its most recent Annual Information Form, MD&A, and annual and quarterly financial statements.

The TSX has not reviewed the information provided in connection with this press release and accepts no responsibility for the adequacy or accuracy of this release.

Copyright 2022 GlobeNewswire, Inc.

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