Calian Technologies Ltd. Announces its Intention to Make a Normal Course Issuer Bid

Thursday, November 16, 2006

Calian Technologies Ltd. Announces its Intention to Make a Normal Course Issuer Bid

Kanata, Ontario, November 16, 2006 - Calian Technologies Ltd. (TSX: CTY) today announced its intention to make a normal course issuer bid through the facilities of the Toronto Stock Exchange, subject to regulatory approval. Repurchases will not exceed 419,951 common shares, representing 5% of the 8,399,221 common shares currently outstanding as of November 15, 2006. The issuer bid will commence on November 21, 2006 and will not extend beyond November 20, 2007. In no event will Calian purchase in any given 30 day period during the course of the bid more than 2% of the common shares issued and outstanding as at the commencement of this bid.

 

The common shares may be repurchased on the Toronto Stock Exchange at market prices. 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. All common shares purchased by Calian will be cancelled. In the past 12 months, Calian repurchased 134,000 common shares through a normal course issuer bid at an average price per common share of $10.88. 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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For further information, please contact us at [email protected] or phone us at 613.599.8600


Ray Basler
Chief Executive Officer
306.931.3425


Jacqueline Gauthier
Chief Financial Officer
613.599.8600

 
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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.


Information posted on this website was accurate at the time of posting, but may be superceded by subsequent information.

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