TORONTO, Sept. 5,
2023 /CNW/ - CareRx Corporation ("CareRx" or
"the Company") (TSX: CRRX) today announced that the
Toronto Stock Exchange (the "TSX") has approved the Company's
previously announced normal course issuer bid (the "NCIB") to
purchase for cancellation up to 1,000,000 of its common shares
("Shares"), representing approximately 1.73% of its
57,743,726 issued and outstanding Shares as at August
31, 2023.
It is expected that the NCIB will begin on September 7, 2023 and will end on September
6, 2024. Daily purchases on the TSX under the NCIB will be
limited to 4,624 Shares, other than purchases made pursuant to the
block purchase exception, being 25% of the average daily trading
volume on the TSX for the six months ending July 31, 2023. The actual number of Shares to be
purchased, and the timing of any such purchases, will be determined
by the Company, subject to the applicable rules and policies of the
TSX. All Shares acquired will be cancelled.
Although the Company presently intends to purchase Shares under
its NCIB, there can be no assurances that any such purchases will
be completed. The purchases will be made through the facilities of
the TSX and/or any alternative trading system in Canada. The Company will pay the market price
for the common shares at the time of acquisition and the purchases
will be made in accordance with applicable regulatory
requirements.
About CareRx Corporation
CareRx is Canada's leading
provider of pharmacy services to seniors living communities. We
serve over 95,000 residents in over 1,500 seniors and other
congregate care communities (long-term care homes, retirement
homes, assisted living facilities, and group homes). We are a
national organization with a large network of pharmacy fulfillment
centres strategically located across the country. This allows us to
deliver medications in a timely and cost-effective manner and
quickly respond to routine changes in medication management. We use
best-in-class technology that automates the preparation and
verification of multi-dose compliance packaging of medication,
providing the highest levels of safety and adherence for
individuals with complex medication regimes. We take an active role
in working with our home operator partners to promote resident
health, staff education, and medication system quality and
efficiency.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities legislation, including statements relating to
the NCIB. These forward-looking statements include, among others,
statements regarding the Company's business strategy, plans and
other expectations, beliefs, goals, objectives, information and
statements about possible future events. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "estimate",
"anticipate" or similar expressions suggesting future outcomes or
events. Such forward-looking statements reflect management's
current beliefs and are based on information currently available to
management.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such
differences include the Company's general business risks, exposure
to and reliance on government regulation and funding, the Company's
liquidity and capital requirements, exposure to epidemic or
pandemic outbreak, reliance on contracts with key customers and
other risk factors described from time to time in the reports and
disclosure documents filed by the Company with Canadian securities
regulatory agencies and commissions. These and other factors should
be considered carefully and readers should not place undue reliance
on the Company's forward-looking statements. As a result of the
foregoing and other factors, no assurance can be given as to any
such future results, levels of activity or achievements and neither
the Company nor any other person assumes responsibility for the
accuracy and completeness of these forward-looking statements. The
factors underlying current expectations are dynamic and subject to
change.
SOURCE CareRX Corporation