Aastra Announces Intent to Repurchase Up to $25 million of its Common Shares

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Aastra Announces Intent to Repurchase Up to $25 million of its Common Shares Aastra Announces Intent to Repurchase Up to $25 million of its Common SharesAastra Announces Intent to Repurchase Up to $25 million of its Common Shares

17 December 2008

TORONTO, ONTARIO (December 17, 2008) -- Aastra Technologies Limited - (TSX: “AAH”) today announced that its Board of Directors has authorized an offer to repurchase for cancellation up to $25 million of its common shares, in a range of CDN$10.00 to CDN$12.50 per share, through a Dutch auction issuer bid. The maximum number of common shares that may be purchased pursuant to the bid is 2,500,000 or approximately 16.9% of Aastra’s 14.77 million total issued and outstanding common shares.

The Dutch auction tender procedure allows shareholders to select the price, within the specified range, at which each shareholder is willing to sell all or a portion of the common shares he or she owns. Upon expiration of the offer, Aastra will select the lowest purchase price (the “Purchase Price”) that will allow it to buy $25 million of shares. Shares tendered at or below the Purchase Price will be purchased at the Purchase Price subject to pro-ration to the extent that the aggregate cost to purchase all of such common shares exceeds $25 million.

An issuer bid circular containing full details of the offer and procedures for tendering common shares is expected to be mailed to shareholders on or about December 18, 2008. The offer, which is subject to regulatory approval, will expire at 4:30 p.m. ET (Toronto time) on or about January 27, 2009, unless extended by Aastra.

Aastra has purchased the maximum number of common shares permitted pursuant to its normal course issuer bid and its previously announced normal course issuer bid has consequently been terminated.

Aastra has retained TD Securities Inc. to act as exclusive financial advisor and Dealer Manager in connection with this substantial issuer bid.

Aastra Technologies Ltd.

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