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Q9 Networks Announces Renewal of Normal Course Issuer Bid
TORONTO - October 30, 2006 - Q9 Networks Inc. (TSX:Q), a leading Canadian provider of outsourced data centre infrastructure for organizations with mission-critical IT operations, is pleased to announce that it has renewed its normal course issuer bid with the Toronto Stock Exchange ("TSX"). The TSX has accepted Q9's notice of intention to conduct a normal course issuer bid to enable it to purchase up to 1,012,870 of its common shares, representing approximately five per cent of the 20,257,416 common shares outstanding as of October 27, 2006, pursuant to TSX rules.
Purchases under the bid may commence on November 1, 2006, and will terminate on the earlier of October 31, 2007, the date Q9 completes its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSX or the date of notice by Q9 of termination of the bid. Purchases will be made on the open market by Q9 through the facilities of the TSX in accordance with the rules and policies of the TSX. The price that Q9 will pay for any such shares will be the market price of such shares on the TSX at the time of acquisition. Common shares purchased under the bid will be cancelled.
Q9 believes that the market price of its common shares at certain times may be attractive and that the purchase of common shares from time to time would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
Q9 has purchased 328,200 of its common shares within the past 12 months at an average market price of $9.95 per common share. All purchases were made on the open market through the facilities of the TSX pursuant to Q9's normal course issuer bid which commenced on October 4, 2005.
About Q9 Networks
Q9 Networks is a leading Canadian provider of outsourced data centre infrastructure for organizations with mission-critical IT operations. Q9's data centres and network are backed by an industry leading SLA which guarantees 100% network and power availability. Q9 managed services, including: bandwidth, dedicated servers, firewalls, load balancing, virtual private networking (VPN) and back-up/restore, enable the rapid provisioning and scalability of client infrastructure.
For further information, please contact:
Kevin Spikes
Director of Corporate & Investor Relations
Q9 Networks Inc.
Toronto: 416-848-3311
Toll Free: 1-888-696-2266
media.relations@Q9.com
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