BEIJING, Sept. 27, 2010 (GLOBE NEWSWIRE) -- eFuture Information Technology Inc. (Nasdaq:EFUT) (the "Company", or "eFuture"), a leading provider of software and services in China's rapidly growing retail and consumer goods industries, today announced that it has entered into a share purchase agreement to sell 337,685 ordinary shares to 13 shareholders for US$1,813,368 in cash. The agreement was effective as of September 23, 2010. The price of the shares is equal to US$5.37 per share, the average closing price of eFuture's ordinary shares for the 20 consecutive trading days ending on, and including, September 23, 2010. The closing price for eFuture's ordinary shares on September 23, 2010 was US$5.00 per share. The transaction was approved by a committee consisting solely of eFuture's independent directors. The largest purchaser in the sale is eFuture Inc., a Cayman Islands holding company, an entity whose members include members of eFuture's management team. eFuture's Chairman, Chief Executive Officer and Acting Chief Financial Officer, Adam Yan, founded and exercises voting control over eFuture Inc. eFuture Inc. has purchased 152,604 shares. The remaining 185,081 shares were sold to 12 individuals who include a board member (other than an independent director), management and key employees of eFuture. The net proceeds from the sale of ordinary shares will be used for general corporate purposes. The shares will be restricted shares with 180-day lock-up periods; the company has no present intention to register the resale of such shares. Adam Yan said, "This share purchase agreement reflects our continued confidence in eFuture's long-term prospects as we continue to capitalize on the strong growth in China's retail and consumer goods markets. The sale will provide additional capital to pursue these growth opportunities, and enables the participants to demonstrate their commitment to, and belief in, our company's goals for the future."
About eFuture Information Technology Inc.eFuture Information Technology Inc. (Nasdaq:EFUT) is a leading provider of software and services in China's rapidly growing retail and consumer goods industries. eFuture provides integrated software and services to manufacturers, distributors, wholesalers, logistics companies and retailers in China's front-end supply chain (from factory to consumer) market, especially in the retail and fast moving consumer goods industries. For more information about eFuture, please visit http://www.e-future.com.cn . Safe Harbor This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement, as well as strategic and operational plans, contain forward-looking statements. eFuture may also make written or oral forward-looking statements in periodic reports to the Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to second parties. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: eFuture's anticipated growth strategies; eFuture's future business development, results of operations and financial condition; expected changes in eFuture's revenues and certain cost or expense items; eFuture's ability to attract customers and leverage its brand; trends and competition in the software industry; eFuture's ability to control expenses and maintain profit margins; eFuture's ability to hire, train and retain qualified managerial and other employees; eFuture's ability to develop new software and pilot new business models at desirable locations in a timely and cost-effective manner; the performance of third parties under contracts with eFuture; the expected growth of the Chinese economy software market in retail and consumer goods industries; and Chinese governmental policies relating to private managers and operators of software and applicable tax rates.
Further information regarding these and other risks is included in eFuture's annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of September 27, 2010, and eFuture undertakes no duty to update such information or any other forward-looking information, except as required under applicable law.
CONTACT: eFuture Information Technology Inc. Investor Contact: Troe Wen, Company Secretary +86 10 5165 0998 ext. 8804 email@example.com Taylor Rafferty Investor Relations (HK): Ruby Yim +852 3196 3712 Investor Relations (US): Mahmoud Siddig +1 212 889 4350 Media Contact: Jason Marshall +1 212 889 4350 eFuture@Taylor-Rafferty.com