Aastra Announces Commencement of Normal Course Issuer Bid
TORONTO, ONTARIO (August 8, 2007) – Aastra Technologies Limited – (TSX: “AAH”) today announced that it has obtained regulatory approvals and intends to commence a Normal Course Issuer Bid. Pursuant to the bid, Aastra intends to purchase up to 800,000 of its Common Shares, representing approximately 4.99% of its 16,008,823 Common Shares outstanding as at end of day on August 1, 2007. Daily repurchases will be limited to 11,593 Common Shares, other than block purchase exemptions. Aastra’s management believes that the market price of its Common Shares is such that their purchase is an attractive and appropriate use of its corporate funds.
The purchases may commence on August 10, 2007 and will terminate on August 9, 2008 or on such earlier date as Aastra may complete its purchase pursuant to the Notice of Intention to Make a Normal Course Issuer Bid filed with the Toronto Stock Exchange (“TSX”) or otherwise terminates its bid. Purchases will be made on the open market by Aastra through the facilities of the TSX in accordance with its rules and policies. The price which Aastra will pay for any such shares will be the market price of such shares at the time of acquisition. The shares purchased pursuant to the normal course issuer bid will be cancelled.
Aastra believes that the current market price of its Common Shares makes their purchase an attractive and appropriate use of corporate funds, in light of potential benefits to remaining shareholders.
In the past 12 months, Aastra has purchased a total of 827,500 of its Common Shares under its Normal Course Issuer Bid commenced on August 9, 2006 and 901,511 of its Common Shares under its Substantial Issuer Bid announced on November 10, 2006 and expired on December 19, 2006.
About Aastra Technologies Limited
Aastra Technologies Limited (TSX: “AAH”), is a global company at the forefront of the Enterprise Communications market. Headquartered in Concord, Ontario, Canada, Aastra develops and delivers innovative and integrated solutions that address the communications needs of businesses small and large around the world. Aastra enables Enterprises to communicate and collaborate more efficiently and effectively by offering customers a full range of open standard IP-based and traditional communications networking products, including terminals, systems, and applications. For additional information on Aastra, visit our website at http://www.aastra.com/ .
From time to time, we make written or oral forward-looking statement within the meaning of applicable Canadian securities legislation. We may make such statements in this press release, in other filings with Canadian regulators, in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to our intention to purchase up to 800,000 of our Common Shares pursuant to the Notice of Intention to Make a Normal Course Issuer Bid filed with the Toronto Stock Exchange. By their very nature, forward-looking statements involve numerous factors and assumptions, and are subject to inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements.
For further information contact:
Allan Brett, CFO,