BEIJING, Aug. 30, 2011 /PRNewswire-Asia/ -- Ninetowns
Internet Technology Group Limited (Nasdaq: NINE) ("Ninetowns"), one
of China's leading providers of
online solutions for international trade, today announced that its
Board of Directors has authorized a share repurchase program,
effective immediately.
Under the program, Ninetowns is authorized to repurchase up to
US$5 million of its American
Depositary Shares ("ADSs"), each ADS representing one ordinary
share of the Company, in the next two years. The repurchase of the
ADSs will be made in the open market depending on market conditions
and other factors as well as subject to relevant rules under
United States securities
regulations. The repurchases are intended to qualify for the safe
harbor provided by Rule 10b-18 under the Securities Exchange Act of
1934, as amended. The program does not obligate Ninetowns to
acquire any particular number of ADSs and may be suspended,
modified or discontinued at any time. The share repurchase program
will be funded by the Company's available working capital.
Mr. Shuang Wang, CEO of Ninetowns, commented, "We have very
clear visibility on our business in the coming quarters and are
confident in our long-term growth prospects. Given the current
capital market conditions, we believe that the share repurchase
program is a prudent investment and will ultimately benefit our
shareholders."
About Ninetowns Internet Technology Group Company
Limited
Ninetowns (Nasdaq: NINE) is a leading provider of online
solutions for international trade, with its key services in
automating import/export e-filing. Ninetowns has been listed on the
NASDAQ Stock Exchange since December
2004 under the symbol "NINE". More information can be found
at www.ninetowns.com/English.
Forward-Looking Statements
Certain statements in this press release include forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
can be identified by the use of forward-looking terminology, such
as "may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "project" or "continue" or the negative thereof or other
similar words. All forward-looking statements involve risks and
uncertainties, including, but not limited to, customer acceptance
and market share gains; competition from companies that have
greater financial resources; introduction of new products into the
marketplace by competitors; successful product development;
dependence on significant customers; the ability to recruit and
retain quality employees as the Company grows; and economic and
political conditions globally. Actual results may differ materially
from those discussed in, or implied by, the forward-looking
statements. The forward-looking statements speak only as of the
date of this release and the Company assumes no duty to update them
to reflect new, changing or unanticipated events or
circumstances.
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Adam Chaw | Corporate
VP
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Phone:
+8610 6589 9294
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Fax:
+8610 6589 9966
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adamchaw@ninetowns.com
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SOURCE Ninetowns Internet Technology Group Company Limited
