CALIAN ANNOUNCES ITS INTENTION TO MAKE A
NORMAL COURSE ISSUER BID
Kanata, Ontario, November 20, 2007 - Calian Technologies Ltd. (TSX: CTY) today announced its intention to make a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX), subject to regulatory approval. Repurchases will not exceed 415,464 common shares, representing 5% of the 8,309,281 common shares currently outstanding as of November 20, 2007. The issuer bid will commence on November 23, 2007 and will not extend beyond November 20, 2008.
Purchase of common shares under the normal course issuer bid will be made through the facilities of the TSX at market prices in accordance with TSX rules. The common shares so purchased will be cancelled. The actual number of common shares that may be purchased and the timing of such purchases under the bid will be determined by Calian, subject to the aggregate annual limits and the daily limit of 1,000 shares per day imposed by the TSX.
Calian believes its common shares constitute an appropriate use of its general funds in order to increase shareholder equity. The current strong cash position of Calian allows Calian to implement the repurchase plan without adversely impacting Calian’s operations. In the past 12 months, Calian repurchased 123,400 common shares through a normal course issuer bid at an average price of $13.10. To Calian’s knowledge, after reasonable inquiry, none of the directors, officers or other insiders of Calian or any associate of any such persons, or any associate or affiliate of Calian currently intends to sell common shares to Calian during the course of the issuer bid.
About Calian: Calian sells technology services to industry and government in Canada and around the world. Calian provides customers with ready access to an exceptional team of engineers, telecommunications and technology professionals, health care professionals and other highly qualified staff. The Business and Technology Services Division augments customer workforces with flexible short and long-term placements, recruitment and outsourcing of engineering, health care professionals and other skilled professionals. The Systems Engineering Division plans, designs and implements solutions for many of the world's space agencies and leading communications satellite manufacturers and operators, as well as providing contract manufacturing services for customers in North America.
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President and Chief Executive Officer
Certain information included in press releases on this site is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as "intend", "anticipate", "believe", "estimate", "expect" or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on firm fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company's most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
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