EFuture Announces Share Purchase Agreement
BEIJING, Sept. 27, 2010 (GLOBE NEWSWIRE) -- eFuture Information Technology Inc. (Nasdaq:EFUT) (the "Company", or "eFuture"), a leading provider of software and services in China's rapidly growing retail and consumer goods industries, today announced that it has entered into a share purchase agreement to sell 337,685 ordinary shares to 13 shareholders for US$1,813,368 in cash. The agreement was effective as of September 23, 2010.
The price of the shares is equal to US$5.37 per share, the average closing price of eFuture's ordinary shares for the 20 consecutive trading days ending on, and including, September 23, 2010. The closing price for eFuture's ordinary shares on September 23, 2010 was US$5.00 per share. The transaction was approved by a committee consisting solely of eFuture's independent directors.
The largest purchaser in the sale is eFuture Inc., a Cayman Islands holding company, an entity whose members include members of eFuture's management team. eFuture's Chairman, Chief Executive Officer and Acting Chief Financial Officer, Adam Yan, founded and exercises voting control over eFuture Inc. eFuture Inc. has purchased 152,604 shares. The remaining 185,081 shares were sold to 12 individuals who include a board member (other than an independent director), management and key employees of eFuture. The net proceeds from the sale of ordinary shares will be used for general corporate purposes. The shares will be restricted shares with 180-day lock-up periods; the company has no present intention to register the resale of such shares.Adam Yan said, "This share purchase agreement reflects our continued confidence in eFuture's long-term prospects as we continue to capitalize on the strong growth in China's retail and consumer goods markets. The sale will provide additional capital to pursue these growth opportunities, and enables the participants to demonstrate their commitment to, and belief in, our company's goals for the future."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV