SHENZHEN, China, Sept. 16, 2011 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that its Board of Directors has approved the extension of the Company's current $5 million share repurchase program, which it originally announced on September 27th, 2010. The expected duration of the extension will be one year.
The amount, timing and extent of any repurchases will depend on market conditions, the trading price of its common shares and other factors and will be subject to restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The Company expects to implement this share repurchase program over the next 12 months, in a manner consistent with market conditions and the interest of shareholders. Repurchases may be in open-market transactions or through privately negotiated transactions, and the repurchase program may be expanded by the Board of Directors in the future. The repurchases will be funded with available cash on hand. Any shares of common stock repurchased under the program will be returned to treasury.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, said, "Given difficulties in market conditions over the past year, and the more recent effects of the Chinese government's counter-inflationary policies, we are extending the duration of our share repurchase plan. Throughout this trying period we have managed our cash prudently in the interest of our shareholders, while remaining confident in our long-term performance. The one year extension of our share repurchase plan is a reflection of that confidence."
About China Information Technology, Inc.China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in information technologies and display technologies. Headquartered in Shenzhen, China, the Company's integrated solutions include specialized software, hardware, systems integration, and related services. To learn more about the Company, please visit its corporate website at http://www.chinacnit.com. Safe Harbor Statement This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the significance of the second quarter 2011 contract wins to the Company's business and the Company's ability to successfully fulfill its obligations under the contracts; the general ability of the Company to achieve its commercial objectives, including the Company's plan to sustain the growth while creating shareholder value; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. For further information, please contact: China Information Technology, Inc. Ivy Liang Tel: +86 755 8370 4734Email: IR@chinacnit.com ChristensenTeal WillinghamTel: +86 10 5826 4939Email: firstname.lastname@example.org SOURCE China Information Technology, Inc.
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