Tucows 2015 Annual Report Download - page 60

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management team or other insiders. The purchase will be funded from available working capital and existing credit
facilities.
2015 Stock Buyback Program:
On February 11, 2015, we announced a stock buyback program. Under this buyback program, we were authorized
to repurchase up to $20 million of our common stock over the 12-month period that commenced on February 11, 2015.
Repurchases under this program may include open market purchases, block trades or a combination of such methods. The
number of shares purchased and the timing of the purchases will depend on a number of factors, including share price,
trading volume and general market conditions, working capital requirements, general business conditions, financial
conditions, any applicable contractual limitations and other factors, including alternative investment opportunities.
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