Vigil Health Solutions Announces Normal Course Issuer Bid
VICTORIA, British Columbia, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Vigil Health Solutions Inc. (“Vigil” or the “Company”) (TSX-VEN: VGL) announced today that the TSX Venture Exchange (the “Exchange”) has accepted a notice of intention to make a normal course issuer bid (the “Bid”). Pursuant to the notice accepted by the Exchange, the Company may, during the period commencing September 30, 2020 and ending September 29, 2021, purchase for cancellation, through the facilities of the Exchange and alternative Canadian trading systems, at the market price of the Company’s common shares (“Common Shares”) at the time of purchase, up to 900,000 Common Shares representing 4.95% of the Company’s issued and outstanding Common Shares. In accordance with the policies of the Exchange, a purchase of Common Shares under the Bid may not, when aggregated with the total of all other purchases in the preceding 30 days, whether through the facilities of the Exchange or otherwise, exceed 2% of the Common Shares outstanding at that time.
The Company is undertaking the Bid because, in the opinion of its board of directors, the market price of the Common Shares, from time to time, may not fully reflect the underlying value of its operations and future growth prospects, and in such circumstances the purchase of Common Shares may represent an appropriate and desirable use of the Company’s funds.
During the period from August 23, 2019 to August 22, 2020, under the Company’s normal course issuer bid which terminated on August 22, 2020, the Company purchased for cancellation 36,000 Common Shares at an average price of $0.325 per share for a total cost of $11,700.03.
The Company has retained Canaccord Genuity Wealth Management for the purposes of conducting the Bid.
In connection with the Bid, Vigil has entered into an automatic share purchase plan with its designated broker (“ASPP”). The ASPP is intended to allow for the purchase of Common Shares under the Bid at times when the Company would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions and customary self‑imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, the Company may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP. Purchases under the ASPP will be made by the designated broker based upon the parameters prescribed by the Company in accordance with the policies of the Exchange, the ASPP and applicable Canadian securities laws. The ASPP will be in effect for the term of the Bid.
About Vigil Health Solutions Inc.
Vigil offers a technology platform combining software and hardware to provide comprehensive solutions to the expanding seniors’ housing market. Vigil has established a growing presence in North America and an international reputation for being on the leading edge of systems design and integration. Vigil’s objective is to offer solutions for the full continuum of care. Vigil’s product range includes the innovative wireless Vitality Care System™ featuring discreet 'mini pendants', a nurse call system, mobile fall/incontinence monitoring, resident check-in and the award-winning Vigil Dementia System.
Certain statements contained in this news release that are not based on historical facts may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). These forward-looking statements are not promises or guarantees of future performance but are only predictions that relate to future events, conditions or circumstances or our future results, performance, achievements or developments and are subject to substantial known and unknown risks, assumptions, uncertainties and other factors that could cause our actual results, performance, achievements or developments in our business or in our industry to differ materially from those expressed, anticipated or implied by such forward-looking statements.
Forward-looking statements include all financial guidance, disclosure regarding possible events, conditions, circumstances or results of operations that are based on assumptions about future economic conditions, courses of action and other future events. We caution you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These forward-looking statements appear in a number of different places in this news release and can be identified by words such as “may”, “estimates”, “projects”, “expects”, “intends”, “believes”, “plans”, “anticipates”, or their negatives or other comparable words. Forward-looking statements include Vigil’s intention to purchase its common shares during the course of the Bid.
The risk factors and uncertainties that may affect our actual results, performance, achievements or developments are many and include, amongst others, our ability to develop our sales force and generate revenue, the length of the sales cycle, management of the Company’s growth, ability to recruit and retain staff, fluctuations in demand for current and future products, our ability to develop, manufacture, supply and market existing and new products that meet the needs of customers, volatility in the exchange rate, ability to secure financing, ability to secure product liability insurance, the continuous commitment of our customers, increased competition, changes in regulation and reliance on third party suppliers, the Company’s continued solvency and financial performance and the Company’s fiscal ability to complete purchases under the Bid. These risk factors and others are discussed in the Risks and Uncertainties section of our “Management Discussion and Analysis” segment of our fiscal 2018 Annual Report. Many of these factors and uncertainties are beyond the control of the Company. Consequently, all forward-looking statements in this news release are qualified by this cautionary statement and there can be no assurance that actual results, performance, achievements or developments anticipated by the Company will be realized.
Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should the assumptions related to these plans, estimates, projections, beliefs and opinions change.
For further information please contact: Troy Griffiths, President and CEO
Tel: (250) 383-6900
Fax: (250) 383-6999
Vigil Health Solutions Inc.
2102-4464 Markham Street
Victoria, BC V8Z 7X8
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.