TORONTO, ONTARIO–(Marketwired – Sept. 15, 2017) – Route1 Inc. (TSX VENTURE:ROI)(OTCQB:ROIUF) (the Company or Route1), a world-leader in secure data protection technologies and user authentication for government and enterprise, today announced that it has provided the TSX Venture Exchange (the “Exchange”) its Notice of Intention to move forward with a further normal course issuer bid (“NCIB”), subject to approval by the Exchange.
The notice provides that Route1 may, during the 12 month period commencing September 27, 2017 and ending September 26, 2018, purchase on the Exchange up to 17,359,671 common shares in total, being approximately 5% of the outstanding common shares. The price which Route1 will pay for any such shares will be the market price at the time of acquisitions, provided, however, that Route1 will not pay more than $0.05 per common share. The actual number of common shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management of Route1. All common shares purchased pursuant to the NCIB will be purchased for cancellation, and all such purchases will be made on the open market through the facilities of the Exchange. The NCIB will be conducted through Paradigm Capital Inc., a member of the Exchange.
From September 27, 2016 to September 14, 2017, the Company had purchased a total of 3,884,000 common shares under the current normal course issuer bid at an average price of $0.04 per share.
Route1 believes that its common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Route1 and its future business prospects. As a result, depending upon future price movements and other factors, Route1 believes that its outstanding common shares may represent an attractive investment to Route1. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in Route1.
Route1 Inc. is a world-leader in secure data protection technologies and user authentication for government and enterprise. Route1 solutions enable the workforce to be more productive and more flexible without compromising system access, data-at-rest, or data-in-use. The Company’s suite of patented enterprise security solutions combines best-in-class authentication, data security and secure communications with streamlined administration tools, running on a proven, trusted infrastructure. From mobile access to business continuity to best-in-class full system encryption, Route1 offers the most effective, affordable methods to secure the digital fortress, while meeting or exceeding the highest standards for government and industry. Route1 has Full Authority to Operate from the U.S. Department of Defense, the U.S. Department of the Navy, the U.S. Department of the Interior, and other government agencies. The Company is also trusted by enterprise security teams in the banking, healthcare, legal and education sectors, among others. With offices in Washington, D.C., Boca Raton, FL and Toronto, Canada, Route1 serves public and private sector clients around the world. Route1 is listed on the OTCQB in the United States under the symbol ROIUF and in Canada on the TSX Venture Exchange under the symbol ROI. For more information, visit: www.route1.com.
This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that are not current or historical factual statements that may constitute forward-looking statements. These statements are based on certain factors and assumptions, including, expected financial performance, business prospects, technological developments, and development activities and like matters. While Route1 Inc. considers these factors and assumptions to be reasonable, based on information currently available, they may prove to be incorrect. These statements involve risks and uncertainties, including but not limited to the risk factors described in reporting documents filed by the Company. Actual results could differ materially from those projected as a result of these risks and should not be relied upon as a prediction of future events. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, except as required by law. Estimates used in this news release are from Company sources.
© 2017 Route1 Inc. All rights reserved. No part of this document may be reproduced, transmitted or otherwise used in whole or in part or by any means without prior written consent of Route1 Inc. See https://www.route1.com/terms-of-use/ for notice of Route1’s intellectual property.
EVP and CFO, Route1 Inc.
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