TORONTO, ON / ACCESSWIRE / May 17, 2023 / 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 that the Toronto Stock Exchange ("TSX") has approved the renewal of the Company's normal course issuer bid (the "NCIB").
The Company reviews all elements of its capital allocation strategy on an ongoing basis. The Company believes that the market price of its common shares ("Shares") may not, from time to time, fully reflect their value and accordingly, the purchase of Shares would be in the best interests of the Company and its shareholders and represents an attractive and appropriate use of available funds.
Pursuant to the NCIB, Adcore may purchase up to 3,024,452 of its Shares, representing approximately 5% of its issued and outstanding Shares of 60,489,043 as at May 1, 2023. The NCIB will be conducted during the twelve-month period commencing May 19, 2023 and ending May 18, 2024.
Under the NCIB, other than purchases made under block purchase exemptions, Adcore may purchase up to 2,160 Shares on the TSX during any trading day, which represents approximately 25% of 8,640, 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.
Adcore previously maintained a normal course issuer bid for the twelve-month period commencing on May 18, 2022 and ending on May 17, 2023 (the "2022 NCIB"), under which Adcore sought and received approval from the TSX to purchase up to 3,188,475 Shares. As of May 1, 2023, Adcore has purchased 1,454,500 Shares under the 2022 NCIB at a weighted average purchase price of $0.2735 per Share through the facilities of the TSX and alternative Canadian trading systems. In addition, Adcore has purchased 2,171,400 Shares from a former executive officer of the Company at a purchase price of $0.20 per Share. In the aggregate, Adcore has purchased a total amount of 3,625,900 Shares in the past twelve months.
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 (AI) powered technology, 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.
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This press release contains certain forward-looking statements, including statements about the Company. 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,
Chief Partnerships Officer
Telephone: 905-326-1888 ext 1
Investor Relations Europe
Dr. Eva Reuter
Dr. Reuter Investor Relations
Telephone: +49 (0) 69 1532 5857
SOURCE: Adcore Inc.
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