Resverlogix board authorizes stock buyback

By Elaine Rigoli

Tampa, Fla., Aug. 11 - Resverlogix Corp. said its board of directors has authorized the company, subject to regulatory approval, to purchase for cancellation up to 150,000 common shares representing less than 1% of the 24,151,231 currently issued and outstanding common shares.

From time to time, the market prices of the common shares may not fully reflect the value of Resverlogix's business and its future business prospects.

As a result, the company said it believes the purchase of its common shares may represent an appropriate and desirable use of its available funds.

The normal course issuer bid will start on or about Aug. 14 and will end on or about Aug. 13, 2007.

The company said it will make no purchases of common shares other than open market purchases. Any common shares acquired by the company will be cancelled.

During the preceding 12 months, Resverlogix has purchased 163,400 common shares at an average price of C$6.09 per share as part of a normal course issuer bid that expired on June 23.

Resverlogix is a biotechnology company based in Calgary, Alta.

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