CrossKeys Systems Corporation Announces Repurchase of Shares
KANATA, Ontario--(BUSINESS WIRE)--June 9, 1999--CROSSKEYS (NASDAQ:CKEY - news; TSE:CKY. - news) CrossKeys Systems Corporation (NASDAQ:CKEY - news; TSE:CKY - news), a leading supplier of software for telecommunication service providers, today announced that it has filed a Notice of Intention to make a normal course issuer bid with The Toronto Stock Exchange (TSE) and that the TSE has accepted the Notice of Intention.
Under the bid, the Company will have the right to purchase, beginning on June 11, 1999, up to a maximum of 927,413 of its Common Shares (representing five per cent of the outstanding Common Shares of the Company) over the following 12 months through the facilities of the TSE and the NASDAQ National Market. The normal course issuer bid will remain in effect until the earlier of June 10, 2000 or until the Company has purchased the maximum number of shares permitted under the bid. Any repurchased shares will be cancelled.
''The Board of Directors has reviewed its options with respect to the substantial cash reserves that CrossKeys has currently and has concluded that the best use of a portion of such funds is to repurchase Common Shares of the Company,'' says Ian McLaren, President and Chief Executive Officer, CrossKeys.
CrossKeys Systems Corporation (www.crosskeys.com) is a leading developer of service, network, and element management solutions for over 175 of the world's telecommunication service providers, helping them gain a competitive advantage in deregulated markets. CrossKeys combines a commitment to research and development with experience in the world's most demanding telecommunication markets to deliver highly advanced software applications. A partner of Newbridge Networks Corporation, Compaq, Siemens AG and Ascend Communications, CrossKeys products help service providers deliver differentiated services, implement new technologies, and manage multiple vendor networks. CrossKeys has been ISO 9001 certified since 1995.
CrossKeys Systems Corporation is a public company whose common shares are listed for trading on NASDAQ (CKEY) in the United States and on The Toronto Stock Exchange (CKY.) in Canada.
CrossKeys and logo are registered trademarks of CrossKeys Systems Corporation. All other trademarks are the property of their respective holders and are acknowledged by CrossKeys Systems Corporation. |
