This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Sept. 27, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable energy (coal) operations in
China, today announced that several members of its management and Board of Directors are increasing their ownership of L&L shares. The Company believes that the increase in share ownership demonstrates the collective commitment by management and the board to the success of L&L. The increase also demonstrates their belief that the Company's shares are significantly undervalued.
Dickson Lee, the Company's Chairman and Chief Executive Officer, recently took possession of 750,447 shares of company stock previously pledged as collateral for a personal loan, a transaction by Mr. Lee that required a cash outlay of over
$1 million. This transaction was disclosed in a Form 4 filing with the SEC yesterday. Mr.
Clayton Fong, Vice President of US Operations, has agreed to take company shares in lieu of cash salary. Finally, several board members have agreed to take a substantial portion of their director fees in the form of equity rather than cash. L&L directors' cash fees include
$80,000 annually per director, where directors may substitute equity for any percentage of their cash fee. Two directors have elected to receive their entire board fee in equity.
Mr. Lee commented, "Our Board of Directors and management team are confident in our business strategy and outlook, and believe the shares are significantly undervalued in the wake of the recent short-seller allegations. All of our key senior people are increasing our stake in the Company, at a real cash cost to ourselves, in order to fully demonstrate our commitment to L&L. Our interests are fully aligned with our shareholders, since our financial success hinges on the value of Company shares as well. We look forward to fully putting to rest the unfounded short-seller accusations in the near future, and refocusing on capturing the exciting growth opportunities in front of us."