Calian Technology Ltd. Announces Its Intention To Make A Normal Course Issuer Bid
Kanata, Ontario May 20, 2003 - Calian Technology Ltd. (TSX: CTY) today announced its intention to make a normal course issuer bid through the facilities of The Toronto Stock Exchange. Repurchases will not exceed 397,720 common shares, representing 5% of the 7,954,401 common shares currently outstanding as of May 16, 2003. The issuer bid will commence on May 23, 2003 and will not extend beyond May 22, 2004. 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 canceled. In the past 12 months, Calian has repurchased through its previous normal course issuer bid, 367,900 common shares at an average price of $5.56. 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.
Calian Technology Ltd. (TSX:CTY) provides technology services to industry and government in Canada and around the world. Calian provides customers with ready access to an exceptional team of over 2,300 engineers, telecommunications and technology professionals, and other highly qualified staff. The Staffing and Outsourcing Services Division augments customer workforces with flexible short and long-term placements, recruitment and outsourcing of engineering 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.
For further information, please contact:
Chief Executive Officer
Telephone: (613) 599-8600 ext. 271
Chief Financial Officer
Telephone: (613) 599-8600 ext. 277
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