Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

China Information Tech. Terminates Share Buyback; CEO Inks $2 Mln Purchase Plan

RELATED NEWS
Trade CNIT now with 
3/15/2012 7:38 AM ET

China Information Technology Inc.'s (CNIT: Quote) board has approved the termination of its stock purchase plan. At the same time, the company's chairman and chief executive, Jiang Huai Lin, adopted a new $2 million purchase plan. Also, Lin agreed to buy 1.08 million shares in a private transaction outside the purchase plan at a purchase price per share of $1.20.

The company has nearly 27.0 million shares outstanding, around 41.0% of which are currently held by Lin, excluding the pending acquisition of about 1.1 million shares.

Lin noted, "To reemphasize my commitment to the Company and my belief in its potentially strong future, I have decided to continue the increase in my equity holdings in the Company by reinitiating my purchases under our purchase plan and making a separate private purchase. At the same time, the termination of the Company's share repurchase plan will enable it to devote more resources to other priorities such as marketing and research and development."

The company said that the purchase plan may continue until September 2012 unless extended or shortened by the parties.

Click here to receive FREE breaking news email alerts for China Information Technology Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.