CHANGSHU, China, Nov. 29, 2011 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (Nasdaq: SUTR) (the "Company" or "Sutor"), a leading China-based non-state owned manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today provided an update on its previously announced $5 million share repurchase program.
As of November 25, 2011, the Company has repurchased 409,922 shares of common stock at an average price of $1.16 per share for a total share repurchase to date of approximately $0.48 million. The Company expects to continue to repurchase shares according to the share repurchase program.
"The repurchase of shares reflects our confidence in the long-term prospects of Sutor. We believe that the Company is financially strong and has good liquidity. While undertaking a major capacity expansion project which is expected to commence operations next year, we also maintain an on-going stock repurchase program to demonstrate our commitment to our shareholders," said Ms. Lifang Chen, CEO and Chairwoman of Sutor.
About Sutor Technology Group LimitedSutor (Nasdaq: SUTR) is a leading China-based non-state owned manufacturer and distributor of high end fine finished steel products and welded steel pipes used by a variety of downstream applications. The Company utilizes a variety of in-house developed processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. These products are used for household appliances, solar waters heaters, automobiles, IT, construction, etc. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php. Forward-Looking Statements This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Such statements include, among others, the long-term prospects of Sutor, our expectations to continue to repurchase company shares, the ability to enhance stockholder value and improve profitability, our expected product acceptance, our anticipated capacity expansion, our future growth and operating results, our expectations regarding the market for our products, our expectations regarding the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, fluctuations and volatility in our stock price; the impact of macroeconomic conditions on customer demand; changes in our financial condition; changes in business opportunities and priorities that could cause us to consider alternative uses of cash; the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2011, and other risks mentioned in our other reports filed with the Securities Exchange Commission (the "SEC"). Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law. For more information, please contact: