Science & Technology
Science and Technology
Science and Technology 
Thu, March 31, 2011
Wed, March 30, 2011
LAVAL, QC, March 30 /CNW Telbec/ - 20-20 Technologies Inc. (TSX:TWT) ("20-20" or the "Company") announced today its intention to purchase by way of a normal course issuer bid (the "Bid"), for cancellation purposes, some of its common shares through the facilities of the Toronto Stock Exchange, beginning on April 1st, 2011.
Under the Bid, the Company may repurchase for cancellation up to 946,089 common shares. This represents approximately 5% of its 18,921,792 issued and outstanding common shares as of March 29, 2011. These purchases will be made in accordance with applicable regulations over a maximum period of 12 months beginning on April 1st, 2011 and ending on March 31st, 2012. The average daily trading volume of 20-20's common shares over the six (6) calendar months prior to the date hereof was 7,232. Accordingly, the Company is entitled to purchase, on any trading day, up to 1,808 common shares. The consideration that the Company will pay for any common shares acquired by it under the Bid will be paid in cash at the market price of such common shares at the time of acquisition. The Company did repurchase 6,800 common shares during the last twelve months, in accordance with a duly authorized Normal Course Issuer Bid, for a weighted average price of $3.74.
As market forces may, from time to time, undervalue shares of the Company, it is the opinion of 20-20's Board of Directors that the purchase of 20-20's own shares by the Company may be an appropriate use of its cash resources in light of the Company's fundamentals and future prospects.
About 20-20 Technologies Inc.
20‐20 Technologies is the world's leading provider of computer‐aided design and business software solutions, tailored for the interior design and furniture industries. Dealers and retailers use its desktop and Web‐based products and solutions for the Home and Office markets. 20‐20 offers a unique, proprietary, end‐to‐end solution, integrating the entire breadth of functions in interior design. It provides a bridge for data communication from the point‐of‐sale to manufacturing and to world‐leading enterprise resource planning (ERP) systems, including computer‐aided engineering and plant floor automation software. Operating in twelve countries with more than 500 employees, 20‐20 is a publicly‐traded company (TWT) on the Toronto Stock Exchange (TSX). For more information, visit [ www.2020technologies.com ]
FORWARD-LOOKING STATEMENTS
This press release is not an offer to acquire or sell securities. This press release contains certain forward-looking statements with respect to the Company, which by nature involve risks and uncertainties that could cause actual results to differ. The Company considers the assumptions on which these statements are based to be reasonable, but cautions the reader that these assumptions may ultimately prove to be incorrect since they are subject to risks and uncertainties that are not under the control of the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.