MARKHAM, Ontario, June 21, 2022 (GLOBE NEWSWIRE) — Sangoma Technologies Corporation (TSX: STC; Nasdaq: SANG) (“Sangoma” or the “Company”), a trusted leader in providing communications solutions as a cloud-based service for companies of all sizes, announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by the Company regarding its intention to make a normal course issuer bid (the “OPRCA”) in respect of its common shares (the Shares”).
The notice provides that Sangoma may, during the 12-month period beginning on June 23, 2022 and ending no later than June 22, 2023, purchase up to 1,071,981 Shares, representing 5% of the total number of 21,439 632 Shares outstanding, through the TSX, NASDAQ Global Select Market or other Canadian trading systems. The shares will be acquired under the public tender offer and will be purchased for cancellation.
The average daily trading volume for the shares on the TSX (“ADTV”) for the last six completed calendar months is 27,047. In accordance with TSX policies, daily purchases under the public offering repurchase will be limited to 6,761 shares, representing 25% of the ADTV, subject to certain prescribed exceptions.
Sangoma remains committed to building balance sheet strength to help fund future acquisitions, continue the long-term profitable growth of our business, and efficient capital allocation. The Company and its Board of Directors believe that the current market price of its shares does not reflect the underlying value of its business and that the issuer bid represents an appropriate and desirable use of company funds. Company. Sangoma believes it is in its best interest to proceed with this tender offer, while maintaining sufficient financial flexibility to execute the company’s future strategic direction and capital allocation priorities. Decisions regarding the amount and timing of any action under the tender offer will be subject to various factors, including the valuation of the company, capital and liquidity positions and potential acquisition opportunities.
Sangoma has entered into an automatic stock purchase plan with a designated broker to enable the purchase of shares under the tender offer at times when the company would not normally be permitted to purchase shares in due to self-imposed blackout periods, insider trading rules or otherwise.
About Sangoma Technologies Corporation
Sangoma Technologies is a trusted leader in providing value-based Communications-as-a-Service (CaaS) and Managed Service Provider (“MSP”) solutions for businesses of all sizes. Sangoma’s cloud-based communication services include Unified Communication business communications (UCaaS), Contact Center as a Service (CCaaS), Video Meetings as a Service (MaaS), Collaboration as a service (Collab aaS), Communication Platform as a Service (CPaaS), Trunking as a Service (TaaS), Fax as a Service (FaaS), Device as a Service (DaaS), and Access Control as a Service ( ACaaS). In addition, Sangoma offers a full line of communications products, including premise-based UC systems, a full line of desk phones and headsets, and a full suite of connectivity (gateways/SBCs/phone cards). Sangoma’s products and services are used in leading UC, PBX, IVR, contact centers, carrier networks, office productivity and data communication applications worldwide. Sangoma is also the main developer and sponsor of Asterisk and FreePBX, the two most widely used open source communications software projects in the world.
Sangoma Technologies Corporation is listed on the Toronto Stock Exchange (TSX: STC) and Nasdaq (Nasdaq: SANG). Additional information about Sangoma is available at: www.sangoma.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the Company’s intentions regarding the Tender Offer.
Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans regarding the future, and readers are cautioned that such statements may not be appropriate for other purposes. When used in this document, words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should and similar expressions indicate forward-looking statements.
Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements are based on the opinions and estimates of management as of the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause events or actual results differ materially from those projected in the future. – look at the statements.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous known and unknown assumptions, risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will occur. not. Although Sangoma believes that the expectations represented by these forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct, as such expectations are inherently subject to business, economic and competitive uncertainties and contingencies. Certain of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements contained in its MD&A, Annual Information Form and Management Information Circular (each available at www.sedar. com) include, but are not limited to, the risks and uncertainties associated with the integration of NetFortris, the impact of the continuing COVID-19 pandemic, fluctuations in the exchange rate between the US dollar and other currencies, changes in technology, changes in the business climate, changes in the regulatory environment, diminishing importance of the PSTN, new competitive pressures, impact of global supply chain delays, retention of key personnel, the increase in the cost of our components and materials and the impact of changes in interest rates. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by law.
Sangoma Technologies Company
Chief executive officer