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Q9 Networks Announces Renewal of Normal Course Issuer Bid
TORONTO - November 2, 2007 - Q9 Networks Inc. (TSX:Q), a leading Canadian provider of outsourced data centre infrastructure for organizations with mission-critical IT operations, is pleased to announce that it has renewed its normal course issuer bid with the Toronto Stock Exchange ("TSX"). The TSX has accepted Q9's notice of intention to conduct a normal course issuer bid to enable it to purchase up to 1,393,722 of its common shares, representing 10% of the public float outstanding as of October 29, 2007, pursuant to TSX rules. As of October 29, 2007, Q9 had 20,999,916 common shares issued and outstanding.
Purchases under the bid may commence on November 2, 2007, and will terminate on the earlier of October 31, 2008, the date Q9 completes its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSX or the date of notice by Q9 of termination of the bid. Purchases will be made on the open market by Q9 through the facilities of the TSX in accordance with the requirements of the TSX. The price that Q9 will pay for any such shares will be the market price of such shares on the TSX at the time of acquisition. Common shares purchased under the bid will be cancelled. Subject to any block purchases made in accordance with TSX rules, Q9 will be subject to a daily repurchase restriction of 12,236 common shares.
Q9 believes that the market price of its common shares at certain times may be attractive and that the purchase of common shares from time to time would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
Q9 has purchased 483,700 of its common shares since November 1, 2006 at a weighted average market price of $15.29 per common share. All purchases were made on the open market through the facilities of the TSX pursuant to Q9's normal course issuer bid which commenced on November 1, 2006.
About Q9 Networks
Q9 Networks is a leading Canadian provider of outsourced data centre infrastructure for organizations with mission-critical IT operations. Q9's data centres and network are backed by an industry leading SLA which guarantees 100% network and power availability. Q9 managed services, including: bandwidth, dedicated servers, firewalls, load balancing, virtual private networking (VPN) and back-up/restore, enable the rapid provisioning and scalability of client infrastructure.
For further information, please contact:
Kevin Spikes
Director of Corporate & Investor Relations
Q9 Networks Inc.
Toronto: 416-848-3311
Toll Free: 1-888-696-2266
media.relations@Q9.com
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