Questor Announces Normal Course Issuer Bid

CALGARY, Alberta, Feb. 06, 2024 (GLOBE NEWSWIRE) -- (TSXV: QST) Questor Technology Inc. ("QST" or the "Company") is pleased to announce that the TSX Venture Exchange ("TSXV") has approved QST to commence a normal course issuer bid ("NCIB"). The NCIB allows QST to purchase for cancellation up to 1,400,000 of its common shares ("Shares"), representing approximately 5 per cent of its issued and outstanding Shares as of January 29, 2024. As of close of business on January 29, 2024, the Company had 28,037,194 Shares issued and outstanding.

Purchases under the NCIB will be made through the facilities of the TSXV or alternative trading systems in Canada at the prevailing market price at the time of purchase and in accordance with the TSXV rules for NCIBs. The NCIB will commence on February 9, 2024 and will terminate upon the earliest of (i) February 7, 2025, (ii) the Company purchasing the maximum of 1,400,000 Shares, and (iii) the Company terminating the NCIB. Subject to exceptions for block purchases, NCIB will be limited to a maximum of 8,500 Shares per trading day, which represents 25% of the average daily trading volume on the TSXV of 34,002 for the six months ended December 31, 2023. All Shares acquired under the NCIB will be cancelled.

QST’s Board of Directors believes that, the common shares have recently traded in a price range that represents a substantial discount to the net asset value and does not fully reflect the underlying value of the Company’s business.  Accordingly, purchasing the Shares for cancellation under the NCIB may represent an attractive investment opportunity to enhance shareholder value and per share growth.

The Company has, in connection with the NCIB, entered into an automatic share purchase plan (the “ASPP”) with ATB Securities Inc., its designated broker (“ATB”), to enable QST to purchase Shares on the open market during blackout periods during which the Company would ordinarily not be permitted to purchase Shares. Purchases under the ASPP will be determined based on purchasing parameters set by QST in accordance with the rules of the TSXV, applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSXV and will become effective February 9, 2024, concurrently with the commencement of the NCIB.