Pivot Technology Solutions, Inc. enters into ASPP with Echelon Wealth Partners, Inc.
TORONTO, June 29, 2018 /CNW/ - Pivot Technology Solutions, Inc. (TSX: PTG), ("Pivot" or the "Company") a full-service information technology provider, today announced that it has entered into an automatic share purchase plan dated June 28, 2018 ("ASPP") with Echelon Wealth Partners, Inc. ("Echelon") in order to facilitate repurchases of its common shares under its normal course issuer bid ("NCIB").
The Company's NCIB commenced on June 22, 2018 and will continue until June 21, 2019, unless completed or terminated earlier and will be effected through the facilities of TSX.
Under its NCIB, the Company may during the twelve months ending June 21, 2019 purchase for cancellation up to 3,789,551 common shares of the Company or approximately 10% of the Company's total public float at prevailing market prices, in accordance with the rules of the Toronto Stock Exchange ("TSX").
Under the ASPP, Echelon may repurchase shares under the NCIB on behalf of the Company at any time including, without limitation, when the Company would ordinarily not be permitted due to regulatory restrictions or blackout periods. Purchases will be made at prevailing market prices upon the parameters prescribed by the TSX and applicable securities laws and the terms of the ASPP. Daily purchases will be restricted to not more than 17,823 common shares, representing 25% of 71,292, the average daily trading volume of the common shares calculated from December 1, 2017 to May 31, 2018, subject to certain prescribed exemptions. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. The Company may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements.
About Pivot Technology Solutions
Pivot is a leading information technology infrastructure and services provider to approximately 2,000 customers, including many members of the Fortune 500. With offices throughout North America, Pivot uses its knowledge and local presence to help corporations, governments and educational institutions design, build, implement and maintain advanced computing and communication infrastructure. For more information, visit www.pivotts.com.