|By Marketwired .||
|May 9, 2014 05:01 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/09/14 -- Tellza Communications Inc. (TSX:TEL) announced today that it has purchased for cancellation 1,520,986 common shares of Tellza Communications Inc., representing approximately 1% of the outstanding shares of the Company, at an average price of $0.155 per common share. As in the past, Tellza will continue to buy and cancelled its shares when opportunities present themselves.
The shares were acquired from Company executives and former executives pursuant to an exemption from issuer bid requirements under applicable securities law. Following the cancellation of the purchased shares, the Company will have 186,700,000 common shares outstanding.
"Since 2011, we have acquired and cancelled 17 million common shares or 8% of the outstanding stock," said Gary Clifford, Executive Chairman. "We consider the repurchase and cancellation of undervalued stock to be a good investment for the Company and to be a form of a tax free dividend for our remaining shareholders."
Tellza is a global communications company operating under several brands including Route Dynamix, Phonetime, Tel3, MatchcoM, and Tellza Technologies. Tellza is a public company listed on the Toronto Stock Exchange (TEL).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Tellza's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.
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