Cogo Repurchased 865,570 Shares Of Common Stock And Institutes 10b5-1 Stock Purchase Plan
SHENZHEN, China, June 29, 2011 /PRNewswire/ -- Cogo Group, Inc. (Nasdaq: COGO), the leading online platform of Core Technologies for the Small and Medium Enterprise market in China, today announced that in the second quarter of 2011, the Company repurchased 865,570 shares of its common stock at an average price of $5.60 and a total cost of $4.85 million. The Company's trading window for the current quarter ended on Thursday June 23, 2011. Following the purchase of these shares, Cogo's current five million shares buyback authorization has approximately 3 million shares remaining.
Additionally, the Company has established a plan under Rule 10b5-1 of the Securities and Exchange Commission to facilitate the re-purchase of its common stock during the trading days of July 1, 2011 and August 9, 2011. This plan allows for the repurchase of shares during the time following the close of a quarter and the announcement of quarterly financial results when the Company's stock repurchase policy does not allow for the direct purchase of shares by the Company. Repurchases are subject to SEC regulations as well as certain price, market, volume, and timing constraints specified in the plan. The plan does not require that any shares be purchased.
Jeffrey Kang, CEO of Cogo said, "I am pleased to announce the results of our buyback in the second quarter and our announced 10b5-1 stock purchase plan to purchase shares during our 'black-out period'. Given our strong capital structure, we consider the aggressive purchase of our common stock at current levels to be a strategic use of cash under current market conditions."
Mr. Kang continued, "Furthermore, our business trends are proceeding as expected in the second quarter of 2011 and we are seeing solid visibility for the third quarter. I remain pleased with our team's execution in this period of market uncertainty and fears about the macro-economic environment."
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