Matrikon™ Announces Share Buyback Program | Automation.com

Matrikon™ Announces Share Buyback Program

  • Strong cash position of $16.6 million at February 28, 2006; positive cash flow
  • Solid track record of revenue and earnings growth for over 17 consecutive years
  • believes the share buyback represents an opportunity to enhance shareholder value without impairing its ability to capitalize on future growth opportunities

    Matrikon Inc. (TSX:MTK) announced today that it intends to make a normal course issuer bid to purchase its common shares. Under the bid, Matrikon intends to acquire up to 1,559,248 common shares, representing not more than 5% of the 31,184,959 common shares issued and outstanding as of May 1, 2006. The bid will commence May 17, 2006 and end May 17, 2007.

    Matrikon believes that the market price for its common shares does not at times accurately reflect the value of its business or its future prospects. The share buyback represents an opportunity to enhance value for shareholders and will not impair our ability to capitalize on future growth opportunities.

    Matrikon president and CEO, Amin Rawji, commented on the share buyback: "Matrikon is in a very strong financial position with $16.6 million in the bank at the end of our last quarter. We are pleased to be able to enhance shareholder value while at the same time remaining well positioned to capitalize on growth opportunities, both organic and through acquisitions."

    Any shares purchased by Matrikon under the bid will be purchased on the open market through the facilities of the Toronto Stock Exchange ("TSX") pursuant to the rules of the TSX governing normal course issuer bids. The price that Matrikon will pay for any common shares purchased pursuant to the bid will be the prevailing market price of such shares on the TSX at the time of such purchase. The common shares will be cancelled after purchase.

    The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

    About Matrikon
    Matrikon is a leading provider of industrial intelligence solutions that enable manufacturing plants to achieve operational excellence by transforming production data into knowledge to predict and prevent problems and optimize operations. Matrikon's customers achieve agile operations through the combination of external market and plant data to make informed, intelligent decisions in real-time. With offices in major cities throughout North America, Australia, Europe and the Middle East and a global client base including industry leaders in a wide range of process industries, Matrikon's reach is global.

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