WATERLOO, ONTARIO, Nov 05, 2009 (MARKETWIRE via COMTEX News Network) -- Research In Motion Limited ("RIM") (NASDAQ: RIMM)(TSX: RIM) today
announced that its Board of Directors has authorized a share
repurchase program to purchase for cancellation through the
facilities of the NASDAQ Stock Market ("NASDAQ") common shares having
an aggregate purchase price of up to US$ 1.2 billion, or
approximately 21 million common shares based on current trading
prices (representing approximately 3.6% of the currently outstanding
common shares of RIM). The share repurchase program may commence on
November 9, 2009 and will remain in place for up to 12 months or
until the purchases are completed or the program is terminated by
RIM. RIM has not repurchased any shares within the past twelve
months.
The price that RIM will pay for any shares under the share repurchase
program will be the prevailing market price at the time of purchase.
The share repurchase program will be effected in accordance with Rule
10b-18 under the U.S. Securities Exchange Act of 1934, which contains
restrictions on the number of shares that may be purchased on a
single day, subject to certain exceptions for block purchases, based
on the average daily trading volumes of RIM's shares on NASDAQ.
RIM's Board of Directors believes that a share repurchase program at
this time is in the best interests of RIM and its shareholders, and
will not impact RIM's ability to execute its growth plans given the
strength of RIM's balance sheet and expected cash flow generation
over the next several quarters. Any shares purchased under the
program will increase the proportionate interest of, and may be
advantageous to, all remaining shareholders of RIM.
About Research In Motion (RIM)
Research In Motion is a leading designer, manufacturer and marketer
of innovative wireless solutions for the worldwide mobile
communications market. Through the development of integrated
hardware, software and services that support multiple wireless
network standards, RIM provides platforms and solutions for seamless
access to time-sensitive information including email, phone, SMS
messaging, Internet and intranet-based applications. RIM's portfolio
of award-winning products, services and embedded technologies are
used by thousands of organizations around the world and include the
BlackBerry(R) wireless platform, the RIM Wireless Handheld(TM)
product line, software development tools, radio-modems and
software/hardware licensing agreements. Founded in 1984 and based in
Waterloo, Ontario, RIM operates offices in North America, Europe and
Asia Pacific. RIM is listed on the Nasdaq Stock Market (NASDAQ: RIMM)
and the Toronto Stock Exchange (TSX: RIM). For more information,
visit www.rim.com or www.BlackBerry.com.
This news release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995
and Canadian securities laws, including statements relating to RIM's
intentions with respect to the share repurchase program and RIM's
expectation that its strong balance sheet and expected cash flow
generation over the next several quarters will enable it to effect
the share repurchase program without adversely affecting its growth
plans. Forward-looking statements are based on estimates and
assumptions made by RIM in light of its experience and its perception
of historical trends, current conditions and expected future
developments, as well as other factors that RIM believes are
appropriate in the circumstances including but not limited to: RIM's
expectations regarding its business, strategy and prospects; RIM's
beliefs regarding the value of its shares and the investment
community's perception thereof; RIM's expectations about its
continued commitment to the share repurchase program; market
conditions; RIM's confidence in the cash flow generation of its
business over the next several quarters; regulatory requirements;
general economic conditions; product pricing levels and competitive
intensity; supply constraints; and new product introductions.
Many factors could cause RIM's actual results, performance or
achievements to differ materially from those expressed or implied by
the forward-looking statements, including, without limitation:
fluctuations in the market price for RIM's shares; RIM's ability to
comply with regulatory requirements relating to the share repurchase
program; future alternative uses for RIM's cash; reduced spending by
customers and other risks relating to the uncertainty of economic and
geopolitical conditions; risks relating to RIM's intellectual
property rights; RIM's ability to enhance current products and
develop new products and services; RIM's reliance on carrier
partners, third-party manufacturers, third-party network developers
and suppliers; risks relating to the efficient and uninterrupted
operation of RIM's network operations centre; risks related to RIM's
international operations; and intense competition. Certain of these
risk factors and others relating to RIM are discussed in greater
detail in the "Risk Factors" section of RIM's Annual Information
Form, which is included in its Annual Report on Form 40-F and RIM's
MD&A (copies of which filings may be obtained at www.sedar.com or
www.sec.gov). In addition, it is important to note that the share
repurchase program does not require RIM to purchase a minimum number
of shares, and it may be modified, suspended or terminated at any
time without prior notice. These factors should be considered
carefully, and readers should not place undue reliance on RIM's
forward-looking statements. RIM has no intention and undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
The BlackBerry and RIM families of related marks, images and symbols
are the exclusive properties and trademarks of Research In Motion
Limited. RIM, Research In Motion and BlackBerry are registered with
the U.S. Patent and Trademark Office and may be pending or registered
in other countries. All other brands, product names, company names,
trademarks and service marks are the properties of their respective
owners.
Contacts:
Investor Contact:
RIM Investor Relations
(519) 888-7465
investor_relations@rim.com
SOURCE: Research In Motion
mailto:investor_relations@rim.com
Copyright 2009 Marketwire, Inc., All rights reserved.
