ZoomAway Announces Intention to Make Normal Course Issuer Bid

Rhea-AI Summary

ZoomAway Technologies (TSXV:ZMA, OTCQB:ZMWYD) intends to file a Notice of Intention for a Normal Course Issuer Bid (NCIB) to purchase up to 852,001 common shares, equating to 5% of its outstanding shares. This NCIB is subject to approval by the TSX Venture Exchange and will commence shortly after. The company believes this initiative will enhance shareholder value and is supported by a strong cash position. The NCIB will last until the maximum shares are acquired or the company decides to terminate it.

Positive

• Proposed NCIB to purchase 852,001 common shares, enhancing shareholder value.
• Strong cash position allows for NCIB implementation without affecting growth opportunities.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 3, 2021 / ZoomAway Technologies Inc. (TSXV:ZMA) (OTCQB:ZMWYD) (the "Company" or "ZMA") www.zoomaway.com announces that it intends to file with the TSX Venture Exchange (the "TSXV") a Notice of Intention to Make a Normal Course Issuer Bid. Pursuant to the proposed normal course issuer bid (the "NCIB"), the Company proposes to purchase for cancellation up to an aggregate of 852,001 of its issued and outstanding common shares, representing 5% of the Company's current issued and outstanding common shares. The implementation of the NCIB remains subject to the approval of the TSXV.

The NCIB will commence three trading days following receipt of TSXV approval and will remain in effect until the earlier of (i) the date that is 12 months following commencement of the NCIB, (ii) the date on which the Company acquires the maximum number of common shares permitted under the NCIB, or (iii) the date upon which the Company provides written notice of termination of the NCIB to the TSXV.

The Company intends to engage Integral Wealth Securities Inc. as its broker for the NCIB. The NCIB will be conducted through the facilities of the TSXV, and purchases of common shares will be made in accordance with the applicable policies of the TSXV at the prevailing market price of such common shares at the time of purchase. All common shares acquired by the Company under the NCIB will be cancelled. As of the date hereof, the Company has 17,040,038 common shares issued and outstanding. The Company may not purchase more than 2% of its issued and outstanding common shares during any 30-day period, which as of the date hereof represented 340,800 common shares.

The Company is implementing the NCIB because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of the Company's business and its future prospects. Accordingly, the Company believes purchasing its common shares will be in the interest of the Company and represents an opportunity to enhance shareholder value. The Company's strong cash position allows for the implementation of the NCIB without adversely affecting the Company's growth opportunities.

To the Company's knowledge, none of the officers, directors or insiders of the Company, or any associate of such person, or any associate of affiliate of the Company, has any present intention to sell any securities to the Company pursuant to the NCIB. The Company has not previously purchased for cancellation any of its outstanding common shares.

For additional information contact: Sean Schaeffer, President, ZoomAway Inc., at 775-691-8860 sean@zoomaway.com or stay up-to-date and sign up for our newsletter.

About Us

ZoomAway, Inc. (Nevada Co.) Zoomaway Travel Inc. is a technology company that is revolutionizing the Hospitality and Travel Industries. We have developed a variety of software solutions that enhance the planning and engagement of everyday tourists. Our flagship project, ZoomedOUT, is a complete modernization and re-imagination of mobile travel apps. In a full 3D environment, we are able to integrate planning, booking, social media, and camaraderie into a tangibly rewarding experience. We are combining Travel, Hospitality, Mobile Gaming and Augmented Reality to change the way users travel into 2020 and beyond. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.

Forward-Looking Statements

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: ZoomAway Travel Inc.

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FAQ

What is ZoomAway Technologies' stock symbol?

ZoomAway Technologies trades under the symbol ZMWYD on the OTCQB.

What is the purpose of the Normal Course Issuer Bid announced by ZoomAway?

The NCIB aims to purchase up to 852,001 common shares to enhance shareholder value.

When will the Normal Course Issuer Bid for ZoomAway commence?

The NCIB will start three trading days after receiving approval from the TSX Venture Exchange.

How many common shares does ZoomAway currently have outstanding?

As of now, ZoomAway has 17,040,038 common shares issued and outstanding.

Who will broker the Normal Course Issuer Bid for ZoomAway?

Integral Wealth Securities Inc. will act as the broker for the NCIB.