Tucows 2015 Annual Report Download - page 57

• the operating and stock price performance of other companies that investors may view as comparable to us;
• news relating to our industry as a whole; and
• news relating to trends in our markets.
The stock market in general and the market for Internet-related companies in particular, including our company,
has experienced volatility. This volatility often has been unrelated to the operating performance of these companies. These
broad market and industry fluctuations may cause the price of our common stock to drop, regardless of our performance.
Future sales of shares of our common stock by our existing shareholders could cause our share price to fall.
If our shareholders sell substantial amounts of common stock in the public market, the market price of the
common stock could fall. The perception among investors that these sales will occur could also produce this effect.
We cannot guarantee that our recently announced stock buyback program will be fully consummated or that such
program will enhance the long-term value of our share price.
In February 2016, the Company’s Board of Directors approved a stock buyback program to repurchase up to
$40 million of the Company’s common stock, which can be discontinued at any time. Although this buyback program has
been approved, there is no obligation for the Company to repurchase any specific dollar amount of stock. The stock
buyback program could affect the price of our stock and increase volatility in the market. We cannot guarantee that this
program will be fully consummated or that such program will enhance the long-term value of our share price.
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