Internet search engine Mamma.com Inc. said Tuesday it plans to buy back up to 600,000 of its outstanding shares over the next year.
The Montreal-based company, which has 10.5 million shares outstanding, said the normal course issuer bid will take place over a 12 month period starting Sept. 8. Shares of Mamma.com closed up one cent Tuesday at $5.35 US in trading on the Nasdaq market.
“We are committed to maximizing the return to our shareholders and our current financial strength will permit us to conclude mergers and acquisitions to enhance the company’s profitability,” said David Goldman, Mamma.com’s executive chairman.