VICTORIA, Oct. 24 /CNW/ - VCom Inc. (TSX: VCM), a leader in broadband last mile access technology, announced today that it has filed a notice of intention with the Toronto Stock Exchange (the "TSX"), subject to regulatory approval, to acquire for cancellation, by way of normal course issuer bid (the "Bid"), up to 500,000 Common Shares of the Corporation, which, at the date hereof, represent approximately 2.2% of the issued and outstanding Common Shares of the Corporation. As of October 19, 2006, the Corporation had 22,490,937 issued and outstanding Common Shares. VCom anticipates the Bid will commence on November 1, 2006 and terminate on October 31, 2007. The Corporation has not repurchased any of its outstanding Common Shares in the last 12-month period. The Board of Directors of VCom believes the underlying value of the Corporation's Common Shares may not be reflected in the current or future market price of the Common Shares and has therefore decided to undertake the Bid. Purchases pursuant to the Bid will be effected solely through the facilities of the TSX, purchases and payment for the Common Shares will be made by the Corporation in accordance with TSX requirements and the price which VCom will pay for any Common Shares acquired under the Bid will be the market price for the Common Shares at the time of acquisition. For further information or to obtain a copy of the Notice filed with the TSX in connection with the Bid, please contact Mike Barry, Chief Financial Officer of VCom at (250) 881-1982, ext. 134. About VCom VCom Inc. designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks. VCom's hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use VCom's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. VCom's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as "the last mile", by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. VCom's products are directed at three principal markets: Data over Cable, Broadband Wireless and Digital Video. The Company has also developed and continues to focus on developing products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video. VCom currently employs over 600 people in Western Canada. Pending shareholder approval at VCom's Annual and Special Meeting, slated for November 13, 2006, the Company plans to change its name to Vecima Networks Inc. For more information, visit www.vcom.com. Forward-Looking Statements Certain statements in this news release may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements are generally identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend" and other similar terminology. These statements reflect VCom's current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors including, but not limited to, the factors discussed under "Risk Factors" in the Company's Annual Information Form dated September 27, 2006 available on SEDAR (www.sedar.com), could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.