MONTREAL, July 19, 2010—TECSYS Inc. (TSX: TCS) announces that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intention to renew its “normal course issuer bid” to purchase some of its outstanding common shares through the facilities of such exchange. Up to 609,956 common shares, being approximately 5% of the 12,199,121 common shares outstanding as of July 6, 2010 may be bought under the bid. The common shares will be purchased by TECSYS for cancellation.
The number of shares that TECSYS intends to purchase and the time of such purchases will be determined by TECSYS, at its discretion. The purchase period will begin July 21, 2010 and will end on the earlier of July 20, 2011 or the date on which TECSYS will have either acquired the maximum number of common shares or otherwise decided not to make any further purchases.
The Board of Directors of TECSYS has concluded that the purchase of up to 609,956 common shares is a desirable use of funds for TECSYS and, therefore, would be in the best interests of TECSYS and its shareholders. The purpose of the purchases of common shares is to increase the proportionate share interest in TECSYS of those shareholders who retain their shares. Under a normal course issuer bid which began on July 21, 2009 and will expire on July 20, 2010, TECSYS had purchased, as of July 6, 2010, 199,604 common shares at a weighted average price of $1.98 per common share.
The average daily trading volume of TECSYS over the last six complete calendar months was 1948 common shares (the “ADTV”). Under TSX rules, TECSYS may purchase up to 1000 common shares per trading day.
To the knowledge of TECSYS, after reasonable inquiry, no director, senior officer or any of their associates, or any person acting jointly or in concert with TECSYS, or any person holding 10% or more of the voting shares currently intends to sell common shares under the issuer bid.
TECSYS is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company’s customers include over 500 mid-size and Fortune 1000 corporations in healthcare, heavy equipment, third-party logistics, and general wholesale high-volume distribution industries. TECSYS’ shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.