Corel Corporation Announces Intention to Make Normal Course Issuer Bid.OTTAWA--(BUSINESS WIRE)--March 3, 1997--COREL CORPORATION (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : COS., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COSFF.) Corel Corporation (company) Corel Corporation - A software publisher best known for the CorelDraw application. Founded in June 1985 by Dr. Michael Cowpland, Corel Corporation was originally a systems integration company. ("Corel") today announced its intention to make a normal course issuer bid through the facilities of The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. or NASDAQ National Market. Repurchases will not exceed 3,004,081 common shares, representing 5 percent of the 60,081,625 common shares outstanding as of January 31, 1997. The issuer bid will commence on March 5, 1997 and will not extend beyond March 4, 1998. In no event will Corel purchase common shares pursuant to the issuer bid greater than the lesser of (a) common shares, which when aggregated with all other purchases in a given 30 day period (whether through the facilities of The Toronto Stock Exchange or NASDAQ National Market), aggregate more than 2 percent of the common shares issued and outstanding as at March 5, 1997, or (b) common shares in excess of the applicable limits specified by Rule 10b-18 of the regulations of the Securities Exchange Commission. The common shares may be repurchased on The Toronto Stock Exchange or NASDAQ National Market at market prices. Corel believes its common shares constitute an appropriate use of its general funds in order to increase shareholder equity when appropriate. It is the Company's intention that the repurchase plan will only be implemented when possible to do so without adversely impacting Corel's operating funds having regard, among other considerations, to the market price of the shares, cash surplus of the Company, and Company or policy restrictions on insider trading. All common shares purchased by Corel will be canceled. Corel has not repurchased any common shares within the past 12 months. To Corel's knowledge, after reasonable inquiry, none of the directors, officers or other insiders of Corel or any associate of any such persons, or any associate or affiliate of Corel currently intends to sell common shares to Corel during the course of the issuer bid. Incorporated in 1985, Corel Corporation is recognized internationally as an award-winning developer and marketer of productivity applications, graphics and multimedia software. Corel's product line includes CorelDRAWTM, the Corel Wordperfect Suite See WordPerfect Office. , Corel Office A suite of applications for Windows from Corel that was superseded by Corel WordPerfect Suite. See WordPerfect Office. Professional, Corel VIDEO and over 30 multimedia software titles. Corel's products run on most operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , including: Windows, Macintosh, UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). , MS-DOS MS-DOS in full Microsoft Disk Operating System Operating system for personal computers. MS-DOS was based on DOS, developed in 1980 by Seattle Computer Products. Microsoft Corp. bought the rights to DOS in 1981, and released MS-DOS with IBM's PC that year. and OS/2. The company ships its products in over 17 languages through a network of more than 160 distributors in 70 countries worldwide. Corel is traded on the Toronto Stock Exchange (symbol - COS) and the NASDAQ National Market System (symbol -COSFF). For more information visit Corel's home page on the Internet at http://www.corel.com . Corel and Wordperfect are registered trademarks and Corel PrintHouse, CorelDRAW, CorelVIDEO, and CorelCAD are trademarks of Corel Corporation or Corel Corporation Limited. CONTACT: Corel Corporation John Hladkowicz, 613/728-8200, ext. 1194 613/761-9350 (FAX) E-Mail: johnh@corel.com |
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