VANCOUVER, British Columbia, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investors access to a diverse portfolio of companies in key sectors including: digital health, gaming, blockchain, AR/VR, cybersecurity, cloud computing and plant-based sciences, intends to implement a normal course issuer bid program (the “Share Buy-Back Program”).
The Company is proposing the Share Buy-Back Program because it believes the market price of its common shares, from time to time, may not reflect their underlying value. Expending some of the Company’s available capital to purchase shares for cancellation that can be reissued at a higher share price in future financings is expected to provide a net benefit to the Company and its shareholders.
Under the Share Buy-Back Program, the Company intends to purchase for cancellation up to 3,824,591 common shares, which represents approximately 5.0% of its 76,491,818 currently issued and outstanding common shares. Pursuant to applicable securities laws and the rules of the Canadian Securities Exchange (the “Exchange”), the aggregate number of common shares acquired in reliance on the Share Buy-Back Program within any 12-month period cannot exceed 5.0% of the common shares outstanding at the beginning of the 12-month period and the Company may not purchase more than 2.0% of its then issued and outstanding common shares in any consecutive 30-day period. Purchases pursuant to the Share Buy-Back Program may commence on January 25, 2021, and will terminate on December 31, 2021, or on such earlier date as the Company may complete its purchases or otherwise terminate the bid.
The Company intends to retain Haywood Securities Inc. as its Exchange member and broker (the “Broker”) to assist with the Share Buy-Back Program. Shares will be purchased over the facilities of the Exchange, or through alternative trading systems to the extent approved by the Exchange, at the market price on the date the common shares are acquired by the Company. The proposed Share Buy-Back Program will be an automatic securities purchase plan, such that the specific timing of any share purchase under the program will be determined by the Broker in accordance with applicable laws and standing instructions from management with respect to maximum price and total funds available for purchases. There can be no assurance as to the precise number of common shares that will be repurchased under the Share Buy-Back Program or the price at which they will be purchased, and the Company may discontinue its purchase at any time, subject to compliance with applicable regulatory requirements.
The Share Buy-Back Program will be subject to approval by the Exchange and will not proceed until such approval is obtained.
Check out www.victorysquare.com.and sign up to the Company’s official newsletter at www.victorysquare.com/newsletter.
On behalf of the board,
Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies
For further information about the Company, please contact:
Investor Relations Contact – Edge Investments Ltd.
Telephone: 604 283-9166
Media Relations Contact – Howard Blank, Director
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.
Victory Square’s sweet spot is the cutting-edge tech that’s shaping the fourth industrial revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
Victory Square isn’t just another investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.
What we do differently for investors
Victory Square is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSTQF).
For investors, we offer early-stage access to the next unicorns before they’re unicorns. Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.
Forward Looking Statement
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries, approval by the Exchange for the Share Buy-Back Program and implementation of the same, and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.