TORONTO, ON / ACCESSWIRE / May 12, 2022 / Adcore Inc. (the 'Company' or 'Adcore') (TSX:ADCO) (OTCQX:ADCOF) (FSE:ADQ) (TSX:ADCO-WT), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way ('Effortless Marketing'), today announced the Toronto Stock Exchange ('TSX') has accepted its notice of intention to proceed with a normal course issuer bid (the 'NCIB').
Pursuant to the notice, Adcore may purchase up to 3,188,475 of its common shares ('Shares'), representing approximately 5% of its issued and outstanding Shares of 63,769,494. The NCIB will be conducted during the twelve month period commencing May 18, 2022 and ending May 17, 2023.
Under the NCIB, other than purchases made under block purchase exemptions, Adcore may purchase up to 13,593 Shares on the TSX during any trading day, which represents approximately 25% of 54,370, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. Any Shares purchased under the normal course issuer bid will be cancelled.
Although the Company intends to purchase Shares under its normal course issuer bid, there can be no assurances that any such purchases will be completed. Any purchases made under the normal course issuer bid will be made by Adcore at the prevailing market price at the time of acquisition and through the facilities of the TSX and alternative Canadian trading systems. The Company may rely on an automatic purchase plan during the NCIB. The automatic purchase plan would allow for purchases by the Company of Shares during certain predetermined blackout periods, subject to certain parameters and approval of the TSX.
Adcore is empowering entrepreneurs, advertisers, and the future of e-commerce through its advertising management and automation platform. By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. In addition to being named numerous times on Deloitte's Fast 50 Technology list, Adcore is a certified Google Premier Partner, Elite Tier Microsoft Partner, Facebook Partner and TikTok Partner.
Established in 2006, the Company employs over fifty people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.
This press release contains certain forward-looking statements, including statements about the Company and the NCIB. Wherever possible, words such as 'may', 'will', 'should', 'could', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'estimate', 'predict' or 'potential' or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For further information please contact:
Martijn van den Bemd,
GM North America
U.S. Investor Relations
John Nesbett/Jennifer Belodeau
IMS Investor Relations
SOURCE: Adcore Inc.
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