Lihua Announces Approval Of $15 Million Share Repurchase Program
DANYANG, China, Jan. 26, 2011 /PRNewswire/ -- Lihua International, Inc. (Nasdaq: LIWA) ("Lihua" or the "Company"), a leading Chinese developer, designer, and manufacturer of low cost, high quality alternatives to pure copper products, including refined copper products and superfine and magnet wire, today announced that its Board of Directors has authorized the repurchase by the Company of up to $15 million of its common shares over the next 12 months.
The Company plans to purchase shares from time to time, on the open market, or through private transactions. The timing of purchases, number of shares purchased and prices at which shares are purchased will be determined by Lihua's management, and will be subject to market conditions as well as other factors. The share buy back program will be implemented and executed in compliance with all relevant laws, rules and requirements relating to the repurchase by the Company of its own shares. This program will be funded from the Company's available cash and operating cash flow.
"During 2010, we achieved our primary strategic and operational objectives of expanding capacity and growing our top and bottom-line results, and entered 2011 poised for continued strong growth as copper demand in China remains robust," said Jianhua Zhu, Chairman and CEO of Lihua. "With our new refined copper production facility scheduled to come on line in the second half of the year, we believe that our shares represent a compelling investment opportunity at current levels. It is unfortunate that there have been a number of false allegations regarding our company. We work extremely hard at Lihua and have a proven track record of growth, as well as sound business and financial reporting practices that are in compliance with U.S. SEC regulations as well as PRC tax regulations. We believe these attacks are an attempt to undermine the significance of our accomplishments for the benefit of a group of short sellers. We stand by the legitimacy and validity of our financial results and internal controls that are further overseen by a top-10 auditing firm.
"The approval of this share repurchase plan reflects the confidence of our Board of Directors and management team in our ability to continue carrying out our growth strategy and our strong commitment to enhancing shareholder value."
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