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Last updated on April 19, 2014 at 7:10 EDT

Sandvine receives approval for stock buyback program and announces establishment of automatic repurchase plan

January 30, 2013

WATERLOO, ON, Jan. 30, 2013 /CNW/ – 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,
during the one year period commencing February 1, 2013 and ending
January 31, 2014, Sandvine can purchase for cancellation up to
12,573,945 of its common shares (“Shares”), representing approximately
ten percent of its public float as of January 25, 2013.  The purchase
program will be administered through the facilities of the TSX, or
alternative trading systems, if eligible, and will conform to their
regulations.

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 46,286 Shares except as otherwise
permitted under the TSX NCIB rules. All Shares purchased under the NCIB
will immediately be cancelled. As at January 25, 2013, Sandvine had
138,591,421 Shares issued and outstanding. As of January 28, 2013,
during the previous 12 months, Sandvine purchased a total of 50,000
Shares through a normal course issuer bid expiring on January 31, 2013
at a volume weighted average price of $1.8836.

Sandvine believes that, from time to time, the market price of the
Shares may be below what it regards as the fair market value of such
Shares and that the ongoing purchase of outstanding Shares may
represent an effective use of Sandvine’s available capital. 

Sandvine also announced that it has entered into an automatic share
purchase plan with a broker in order to facilitate repurchases of its
Shares under its normal course issuer bid.  Under Sandvine’s automatic
share purchase plan, Sandvine’s broker may repurchase Shares under the
normal course issuer bid at any time including without limitation when
Sandvine would ordinarily not be permitted to due to regulatory
restrictions or self-imposed blackout periods.  Purchases will be made
by Sandvine’s broker based upon the parameters prescribed by the TSX
and the terms of the parties’ written agreement.  Sandvine expects that
it will put in place automatic purchase plans for periods of one
quarter at a time during the course of the NCIB. The automatic share
purchase plan has been reviewed by the TSX.

ABOUT SANDVINE
Sandvine’s network policy control solutions add intelligence to fixed,
mobile and converged communications service provider networks to enable
services that can increase revenue and reduce network costs. Powered by
Sandvine’s Policy Engine and SandScript policy language, Sandvine’s
networking equipment provides end-to-end policy control functions
including traffic classification, and policy decision and enforcement
across the data, control and business planes.  Sandvine’s products
provide actionable business insight, the ability to deploy new
subscriber services and tools to optimize traffic while enhancing
subscriber Internet quality of experience.

Sandvine’s network policy control solutions are deployed in more than
200 networks in over 85 countries, serving hundreds of millions of data
subscribers worldwide, www.sandvine.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute
forward-looking information within the meaning of securities laws.

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.

These statements are based on certain factors and assumptions including
expected growth, results of operations, performance and business
prospects and opportunities. While we consider these assumptions to be
reasonable based on information currently available to us, they may
prove to be incorrect.

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.

SOURCE Sandvine Incorporated


Source: PR Newswire