March Networks Announces Share Repurchase Program

    TSX Approves March Networks' Normal Course Issuer Bid

    OTTAWA, May 26 /CNW Telbec/ - March Networks(TM) (TSX:MN; AIM:MNW), a
leading provider of innovative video and data applications, announced today
that the Toronto Stock Exchange (TSX) has accepted the Company's notice of
intention to make a normal course issuer bid. The March Networks' Board of
Directors has approved March Networks' purchase of up to 1,000,000 common
shares (representing approximately 7.24% of March Networks' public float). The
normal course issuer bid will commence on May 29, 2008 and will terminate on
May 28, 2009 or on such earlier date as March Networks has purchased the
maximum number of shares permitted under the bid. As of May 23, 2008, March
Networks had 18,177,340 common shares outstanding and its public float was
13,818,167 common shares.
    March Networks expects to use cash and short term investments to fund the
repurchase of shares. Purchases under the bid will be made on the open market
by March Networks through the facilities of the TSX at the prevailing market
price at the time of the transaction. Purchases under the bid may be made at
any time during the twelve month period subject to the rules and regulations
of the TSX. All shares acquired by March Networks under the bid will be
cancelled. March Networks has not previously entered into a normal course
issuer bid. The average daily trading volume of the common shares of March
Network for the six months ended April 30, 2008 was 47,478 common shares. In
accordance with the rules of the TSX, the maximum number of common shares that
can be purchased on a daily basis by the Company is 11,869 common shares,
subject to the block purchase exception.
    Management and the Board of Directors of March Networks believe that the
market price of March Networks' common shares during the proposed purchase
period of the bid may be such that the purchase of common shares by the
Company would be an appropriate use of available funds of the Company and that
the purchase of up to 1,000,000 common shares under the bid would, therefore,
be in the best interests of the Company.
    "In addition to our on-going strategic plans for investments in mergers
and acquisitions and in research and development to build organic growth, we
are of the view that a share repurchase program at this time will be an
effective use of the Company's financial resources," said Peter Strom,
President and Chief Executive Officer of March Networks.

    About March Networks

    March Networks(TM) (TSX:MN; AIM:MNW) is a leading provider of intelligent
IP video and business analysis applications that enable organizations to
reduce losses, mitigate risks and improve security and operational efficiency.
The Company's advanced software suite includes enterprise-class video
management, powerful analytics and comprehensive managed and professional
services. Our software and systems are used by leading financial institutions,
retailers, transportation authorities and other organizations in more than
50 countries. For more information, please visit www.marchnetworks.com.

    Forward Looking Information

    March Networks cautions that forward-looking information in this release
is based on certain assumptions and expectations made by March Networks that
may prove to be inaccurate. Assumptions made include anticipated market
trading prices, customer demand for March Networks products and services,
March Networks' ability to maintain and enhance existing customer
relationships, as well as March Networks' ability to bring to market products
currently under development.
    Furthermore, March Networks cautions that forward-looking statements in
this release are based on current assumptions and expectations that are
subject to risks and uncertainties. Actual results may differ due to factors
such as market risks and trading prices, global economic and geopolitical
factors, customer demand, customer relationships, new product development, new
services offerings, product shipping schedules, product mix, competitive
products and services, pricing pressure, and changes in March Networks'
markets specifically. The Company assumes no obligation to update or revise
any forward-looking statements. Additional information identifying risks and
uncertainties is contained in the Company's filings with the various
provincial securities commissions which are available online at www.sedar.com.

For further information: Peter Wilenius, Vice President, Corporate
Development, March Networks Corporation, (613) 591-8181,
pwilenius(at)marchnetworks.com
(MN.)


 

 



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March Networks (LSE:MNW)
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