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or Name
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In-Touch Survey Systems Ltd (2)
Symbol INX
Shares Issued 15,125,978
Close 2014-11-28 C$ 0.225
Market Cap C$ 3,403,345
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In-Touch to renew 756,299-share buyback

2014-11-28 22:14 ET - News Release

Mr. George Pretli reports

IN-TOUCH SURVEY SYSTEMS LTD. ANNOUNCES ANNUAL RENEWAL OF NORMAL COURSE ISSUER BID

In-Touch Survey Systems Ltd.'s board of directors has authorized the annual renewal of the company's normal course issuer bid, subject to the approval of the TSX Venture Exchange.

On Dec. 10, 2013, the company announced that it plans to repurchase up to 745,398 of its shares beginning Dec. 17, 2013, and expiring Dec. 16, 2014. Under the normal course issuer bid that is due to expire shortly, In-Touch Survey Systems repurchased 52,000 common shares for a total cost of $11,440, representing an average price of 22 cents per share.

Future repurchase decisions will be based on market conditions, share price and other factors at management's discretion.

Currently, In-Touch has 15,125,978 common shares issued and outstanding. Up to 756,299 common shares may be repurchased over a 12-month period, no more than 2 per cent being 302,520 common shares in any 30-day period, which represents approximately 5 per cent of the company's issued and outstanding common shares. The company has appointed Jones Gable & Company, a member of the TSX Venture Exchange, as the broker that will conduct the bid on behalf of In-Touch. The bid is expected to commence on Dec. 17, 2014, and will terminate on Dec. 16, 2015, or on such earlier date as the bid is complete or at the option of In-Touch. The bid will be made through the facilities of the TSX-V, and the purchase and payment for the securities will be made in accordance with TSX-V requirements at the market price of the common shares at the time of acquisition. All common shares purchased by In-Touch under the bid will be cancelled.

"Management of In-Touch believes that the current market price of the company's common shares may not reflect their underlying value given our current balance sheet and new products that have been developed last year," said Cameron Watt, president and chief executive officer. "We anticipate that the purchase of common shares for cancellation will increase the proportionate interest of, and will be advantageous to, all remaining shareholders," said Mr. Watt.

We seek Safe Harbor.

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