Business
VCom Files Notice of Intention to Launch Normal Course Issuer Bid
VCom Files Notice of Intention to Launch Normal Course Issuer Bid.
About this update from Vecima Networks Inc.
[{"type":"text","content":"\n\n\n\n\nVICTORIA, Oct. 24 /CNW/ - VCom Inc. (TSX: VCM), a leader in broadband\nlast mile access technology, announced today that it has filed a notice of\nintention with the Toronto Stock Exchange (the \"TSX\"), subject to regulatory\napproval, to acquire for cancellation, by way of normal course issuer bid (the\n\"Bid\"), up to 500,000 Common Shares of the Corporation, which, at the date\nhereof, represent approximately 2.2% of the issued and outstanding Common\nShares of the Corporation. As of October 19, 2006, the Corporation had\n22,490,937 issued and outstanding Common Shares. VCom anticipates the Bid will\ncommence on November 1, 2006 and terminate on October 31, 2007. The\nCorporation has not repurchased any of its outstanding Common Shares in the\nlast 12-month period. The Board of Directors of VCom believes the underlying\nvalue of the Corporation's Common Shares may not be reflected in the current\nor future market price of the Common Shares and has therefore decided to\nundertake the Bid. Purchases pursuant to the Bid will be effected solely\nthrough the facilities of the TSX, purchases and payment for the Common Shares\nwill be made by the Corporation in accordance with TSX requirements and the\nprice which VCom will pay for any Common Shares acquired under the Bid will be\nthe market price for the Common Shares at the time of acquisition.\nFor further information or to obtain a copy of the Notice filed with the\nTSX in connection with the Bid, please contact Mike Barry, Chief Financial\nOfficer of VCom at (250) 881-1982, ext. 134.\n\nAbout VCom\nVCom Inc. designs, manufactures and sells products that enable broadband\naccess to cable, wireless and telephony networks. VCom's hardware products\nincorporate original embedded software to meet the complex requirements of\nnext-generation, high-speed digital networks. Service providers use VCom's\nsolutions to deliver services to a converging worldwide broadband market,\nincluding what are commonly known as \"triple play\" (voice, video and data) and\n\"quadruple play\" (voice, video, data and wireless) services. VCom's solutions\nallow service providers to rapidly and cost-effectively bridge the final\nnetwork segment that connects the system directly to end users, commonly\nreferred to as \"the last mile\", by overcoming the bottleneck resulting from\ninsufficient car...