TeraGo Announces Normal Course Issuer Bid

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[{"type":"text","content":"\n\n\n\nTORONTO, May 7 /CNW/ - TeraGo Inc. (the "Company") (TSX: TGO) today\nannounced that the Toronto Stock Exchange ("TSX") has accepted its notice of\nintention to conduct a normal course issuer bid for the purchase of up to\n458,000 common shares, representing approximately 10 per cent of the public\nfloat of common shares as of April 30, 2008. As at April 30, 2008, the Company\nhad 7,558,466 issued and outstanding common shares.\n\n\nPurchases under the bid will be made through the facilities of the TSX in\nthe period from May 9, 2008 to May 8, 2009 (or such earlier date as the\nCompany may complete its purchases) at the prevailing market price. Other than\nblock purchases allowable under TSX rules, purchases are subject to a daily\npurchase restriction equal to 25 per cent of the average daily trading volume\nof the common shares over the preceding six months, or a maximum of\n2,391 common shares per trading day. Any common shares acquired by the Company\nwill be cancelled.\n\n\nThe Company also intends on establishing a pre-defined plan with its\ndesignated broker to allow for the repurchase of common shares at times when\nthe Company ordinarily would not be active in the market due to its own\ninternal trading blackout periods, insider trading rules or otherwise.\n\n\nThe Company's Board of Directors believes that from time to time, the\nmarket prices of its common shares may not fully reflect the value of its\nbusiness and its future business prospects and, accordingly, may represent an\nattractive investment and a desirable use of its available funds.\n\n\nAbout TeraGo Networks\n\n\nTeraGo Networks Inc. has been providing businesses in Canada with\ncarrier-grade wireless broadband and data communications services since 2001.\nThe national broadband service provider owns and manages its wireless IP\nnetwork in 40 major markets across Canada, serving more than 4,000 customer\nlocations. TeraGo Networks is a wholly owned subsidiary of TeraGo Inc. (TSX:\nTGO). More information about TeraGo is available at www.terago.ca.\n\n\n%SEDAR: 00025345E\n\n\n","length":2155,"tagName":"div"}]

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