Highpower International, Inc. Announces Share Repurchase Program
June 27 2011 - 7:00AM
Marketwired
Highpower International, Inc. (NASDAQ: HPJ),
a developer, manufacturer and marketer of nickel-metal hydride
(Ni-MH) and lithium-ion (Li-ion) batteries and related products,
today announced that its Board of Directors has authorized the
implementation of a share repurchase plan to repurchase up to $5.0
million outstanding shares of the Company's common stock in open
market purchases, with block trades being permitted, from time to
time in the discretion of the Company's management and as market
conditions allow. The timing of purchases and the exact number of
shares to be purchased will depend upon market conditions. The
repurchase program does not require the Company to acquire a
specific number of shares, and the repurchase program may be
limited or terminated at any time without prior notice.
The Company intends to effect the share repurchases in
compliance with the Rule 10b-18 under the Securities Exchange Act
of 1934. Stock repurchases may be made through a wholly-owned
subsidiary of the Company. The acquired shares will be retired and
cancelled upon repurchase.
The Board of Directors believes that a share repurchase program
at this time is in the best interests of the Company and its
stockholders, and will not impact the Company's ability to execute
its growth plans.
George Pan, Chief Executive Officer of the Company, commented,
"The Board's authorization of the share repurchase program reflects
our confidence in our company's future and the fundamental strength
of our business. We remain committed to maximizing long-term
stockholder value and believe that the stock repurchase program is
in the best interests of our stockholders and is a prudent use of
our cash, especially given our current share price."
About Highpower International, Inc.
Highpower International, Inc. develops, manufactures and markets
rechargeable nickel-metal hydride (Ni-MH) and lithium-ion (Li-ion)
batteries and related products for use in a variety of devices and
equipment including wireless communications, electronics, lighting,
backup power, electric tools, and transportation, etc. The majority
of Highpower International's products are distributed worldwide to
markets in the United States, Europe, China, Hong Kong, Taiwan,
Southeast Asia and South America. For more information, visit
http://www.highpowertech.com.
To be added to the Company's email distribution for future news
releases, please send your request to HPJ@finprofiles.com. Company
news can also be found at
http://ir.haopengbattery.com/en/introduce028.html.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 that are not historical
facts. These statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may,"
"will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negative thereof or comparable terminology, and
include discussions of strategy, and statements about industry
trends and the Company's future performance, operations and
products. Such statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's
actual results to differ materially from the results expressed or
implied by such statements. For a discussion of these and other
risks and uncertainties see "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's public filings with the SEC. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release.
Financial Profiles, Inc. Tricia Ross +1-916-939-7285 Email
Contact
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