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Waterloo, Ontario April 14, 2009 – Sandvine Corporation (TSX:SVC; AIM:SAND) (“Sandvine”) today announced that it has received acceptance from the Toronto Stock Exchange (the “TSX”) of Sandvine’s notice of intention to make a Normal Course Issuer Bid (NCIB). Under the NCIB, Sandvine can purchase for cancellation up to 10,173,673 of its common shares (“Shares”), representing approximately ten percent of its public float, during the one year period commencing April 16, 2009 and ending April 15, 2010.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend upon future market conditions, and upon potential alternative uses for Sandvine’s cash resources. Any purchases will be made by Sandvine at the prevailing market price of the Shares at the time of purchase and will be subject to a maximum daily purchase volume of 76,023 Shares except as otherwise permitted under the TSX NCIB rules. All Shares purchased under the NCIB will immediately be cancelled. As at April 13, 2009, Sandvine had 135,644,221 Shares issued and outstanding.
Under Sandvine’s previous NCIB which expired on April 10, 2009, the Company had purchased for cancellation 1,946,683 of its common shares at a weighted average price of $1.13.
Sandvine is focused on protecting and improving the quality of experience on the Internet. Our award-winning network equipment and solutions help cable, DSL, FTTx, fixed wireless and mobile operators better serve their subscribers and understand network trends; offer new services; mitigate malicious traffic; manage network congestion; and deliver QoS-prioritized multimedia services. With customers in over 60 countries serving over a hundred million broadband and wireless subscribers, Sandvine is enhancing the Internet experience worldwide. www.sandvine.com
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Forward-looking information may relate to our future outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.
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Forward looking-information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what we currently expect. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions.