TORONTO, ON / ACCESSWIRE / February 15, 2019 / Quantum International Income Corp. ("Quantum" or the "Corporation") (TSX-V: QIC) is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted the Corporation's notice to implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up to 5,587,431 of its common shares (the "Shares"), representing approximately 10% of the Corporation's "public float".
The Corporation has received approval from the Exchange to commence the NCIB on February 19, 2019 and continue to February 18, 2020, or earlier in the event that the Corporation has acquired the maximum number of Shares that may be purchased under the NCIB. The Corporation may also terminate the NCIB earlier if it feels it is appropriate to so.
The NCIB will be made through the facilities of the Exchange and the purchase and payment for the Shares will be made in accordance with the Exchange requirements at the market price of the Shares at the time of acquisition. All Shares purchased by the Corporation under the NCIB will be cancelled.
The Company has engaged Cormark Securities Inc. to act as its agent to conduct the NCIB transactions.
Management of the Corporation believes that the Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the NCIB is in the best interests of the Company, a desirable use of its available cash, and will enhance shareholder value in general.
To the knowledge of the Corporation, no director, senior officer or other inside of the Corporation currently intends to sell any shares under the NCIB.
About the corporation
Quantum International Income Corp. is a gaming company. Quantum's vision is to build a diversified portfolio of world class gaming operations. The Corporation looks to enhance shareholder value by growing organically and through acquisitions. The Corporation has an active acquisition strategy with a particular focus on cash-flows and high margins. Currently, the Corporation is the largest route operator of skill-based gaming machines in the State of Georgia, United States of America.
More information about Quantum is available online at www.quantumincomecorp.com.
For further information please contact Quantum:
Manish Grigo
Vice President, Corporate Affairs
Tel. (416) 569-3292
manish@quantumincomecorp.com
Stephanie Lippa
Office Manager
Tel. (416) 477-3411
stephanie@quantumincomecorp.com
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Corporation's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Corporation's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Corporation believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the price of the Shares not adequately reflecting the value of the Corporation; the number of Shares to be repurchased for cancellation under the NCIB; the digital gaming terminals being fully-licensed by the Georgia Lottery Corporation, the continuation of the Corporation's consolidation strategy in the Georgia gaming market, the growing footprint of Quantum in the Georgia gaming market, generating value for the shareholders of the Corporation, the regulatory regime governing the business of Quantum in Georgia, the exchange rate between the U.S. dollar and Canadian dollar, the ability to grow the business and generate stable distributions for shareholders, the availability of high growth, high margin opportunities, and the execution of the Corporation's business strategy.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the availability of opportunities to consolidate additional assets in the Georgia gaming market, the availability of investment opportunities on terms acceptable to the Corporation, the regulatory regime in the State of Georgia, the licensing regime governing the Georgia Lottery Corporation, the Company’s ability to complete the Acquisition, the exchange rate between the U.S. dollar and Canadian dollar, and other internal and external factors disclosed in the most recent annual information form of the Corporation and other documents publicly filed by the Corporation. Although Quantum has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Quantum International Income Corp.
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