ROSLYN, N.Y., Oct. 30, 2015 /PRNewswire/ -- Sino-Global
Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global" or the
"Company"), a Virginia company
engaged in shipping, chartering, logistics and related services,
announced today that it has commenced open market purchases under
the Company's share repurchase program announced on October 13, 2015. During the period October 22 through 28, 2015, Sino-Global
purchased approximately 8.2% of the shares traded at an average
price of $0.84 per
share.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented:
"We began this program less than three weeks ago because we believe
Sino-Global's current stock price does not reflect the Company's
true value, giving us an opportunity to reacquire shares in the
market at a favorable price for the benefit of our continuing
investors."
The Company will continue to repurchase shares on the open
market, subject to market conditions and at management's
discretion. For the quarter ending December
31, 2015, Sino-Global intends to repurchase up to
$100,000 of its common stock.
Thereafter Sino-Global may repurchase an aggregate value of shares
per quarter equal to 10% to 15% of the Company's quarterly net
income for which the most recent quarterly or annual report has
been filed. The Company will cooperate with a licensed broker to
administer the plan in compliance with the safe harbor provided by
Rule 10b-18. The program is set to continue until October 11, 2016.
About Sino-Global Shipping America, Ltd.
Founded in
the United States in 2001,
Sino-Global Shipping America, Ltd. is a company engaged in
shipping, chartering, logistics and related services. Headquartered
in New York, Sino-Global has
offices in Mainland China, Australia, Canada and Hong
Kong. The Company's current service offerings consist of
shipping agency services, shipping and chartering services, inland
transportation management services and ship management
services.
Additional information about Sino-Global can be found on the
Company's corporate website at www.sino-global.com.
Forward Looking Statements
Any statements and/or
other information contained in this release that relate, directly
and/or indirectly, to future plans, events or performance of the
Company are forward-looking statements that involve risks, and
uncertainties some of which are identified in Sino-Global's filings
with the Securities and Exchange Commission. Actual results,
events or performance of the Company and such other about mentioned
events may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as the date hereof. Sino-Global undertakes no
obligation to publicly release or otherwise disclose the results of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
CONTACT:
The Equity Group Inc.
Terry
Downs
Associate
(212) 836-9615 /
tdowns@equityny.com
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SOURCE Sino-Global Shipping America, Ltd.