Givex Announces TSX Approval of Normal Course Issuer Bid

Toronto, Ontario–(Newsfile Corp. – November 7, 2022) – Givex Information Technology Group Limited (TSX: GIVX) (OTCQX: GIVXF) (“Givex” or the “Company“) today announced that it has filed with the Toronto Stock Exchange (the “TSX“), and the TSX has accepted, a notice of intention of the Company to make a normal course issuer bid (the “NCIB“) permitting Givex to purchase for cancellation up to 6,101,326 common shares (“Shares“) over a 12-month period, representing approximately 5% of the Shares outstanding as of October 27, 2022.

The NCIB is expected to commence on November 9, 2022 and terminate on November 8, 2023, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares on the TSX for the last six months is 22,409 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 5,602 Shares. Shares purchased under the NCIB will be cancelled. During the last twelve months, the Company has not purchased any Shares under a normal course issuer bid through the facilities of the TSX.

Givex intends to enter into an automatic share purchase plan with Research Capital Corporation in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of the Company.

The Company believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to the Company’s activities and future prospects. As a result, the Company believes that the purchase of Shares, from to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.

In addition, the Company has suspended the automatic securities disposition plan (“ASDP“) previously announced on May 16, 2022, which to date has resulted in the sale of nil Shares. The Company may, at its discretion and subject to the approval of the TSX, resume the ASDP upon completion of the NCIB.

About Givex

Givex (TSX: GIVX) (OTCQX: GIVXF) is a global fintech company providing merchants with customer engagement, point of sale and payment solutions, all in a single platform. We are integrated with 1000+ technology partners, creating a fully end-to-end solution that delivers powerful customer insights. Our platform is used by some of the world’s largest brands, comprising approximately 115,000 locations across more than 100 countries. Learn more at givex.com.

Legal Notice

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Disclaimer for Forward-Looking Statements

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Certain statements in this press release constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. Such statements relate to, among other things, the Company’s intention to purchase Shares pursuant to the NCIB, including through an automatic share purchase plan, the Company’s belief that the Shares may from time to time be undervalued and that purchases of Shares under the NCIB will provide benefits to shareholders. These statements reflect the Company’s current views regarding future events and operating performance, are based on information currently available to the Company, and speak only as of the date of this press release. Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Company does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.

For further information, please contact:

Joe Donaldson, Chief Marketing Officer, ir@givex.com, 416.350.9660
CO: Givex

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143256