ZoomAway Announces Approval of Normal Course Issuer Bid

Rhea-AI Summary

ZoomAway Technologies Inc. (TSXV:ZMA)(OTCQB:ZMWYF) has received approval from the TSX Venture Exchange to initiate a normal course issuer bid (NCIB) starting June 8, 2021. The company plans to repurchase up to 852,001 common shares, approximately 5% of its total shares, until June 7, 2022, or until the maximum is acquired. The buyback aims to enhance shareholder value, given the belief that market prices do not reflect the company's underlying value. Additionally, ZoomAway has engaged DeCosta Global Media for digital marketing, incurring a monthly fee of $5,000.

Positive

• Approval for NCIB to buy back up to 852,001 shares, 5% of total shares.
• Aims to enhance shareholder value by addressing undervalued stock price.
• Strong cash position allows for NCIB implementation without hindering growth.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / June 7, 2021 / ZoomAway Technologies Inc. (TSXV:ZMA)(OTCQB:ZMWYF) (the "Company" or "ZMA") announces that, further to its press release dated May 3, 2021, the TSX Venture Exchange (the "TSXV") has accepted the Company's notice to implement a normal course issuer bid (the "NCIB") 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 NCIB will commence on June 8, 2021 and will remain in effect until the earlier of (i) June 7, 2022, (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 has engaged 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.

The Company also wishes to provide some additional information to its press release of June 1, 2021 regarding the engagement of DeCosta Global Media ("DeCosta"). DeCosta has been retained to consult with the Company on digital marketing efforts only and will not be performing any investor relations activities. DeCosta's engagement is for three-month intervals with a monthly retainer fee of [CAD]$5,000, and any campaigns related to email marketing, social media marketing, SEO, user acquisition, or website work will bear additional costs based on the campaign scope.

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

About Us
ZoomAway Technologies 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 Technologies 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 Technologies Inc.

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FAQ

What is the purpose of ZoomAway Technologies' NCIB approved on June 7, 2021?

The NCIB aims to repurchase up to 852,001 shares to enhance shareholder value, addressing the undervaluation of its stock.

When will ZoomAway's NCIB begin and end?

The NCIB will commence on June 8, 2021, and will last until either June 7, 2022, or until the maximum number of shares is purchased.

How many shares can ZoomAway Technologies repurchase in a 30-day period?

ZoomAway can purchase a maximum of 2% of its outstanding shares, equating to 340,800 shares within any 30-day period.

What is the monthly cost of DeCosta Global Media's engagement with ZoomAway?

DeCosta Global Media will receive a monthly retainer of CAD $5,000 for consulting on digital marketing.

How many common shares does ZoomAway have outstanding as of the announcement?

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