Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade CNIT now with 

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

Quick Facts

Editors Pick
Toyota Motor Corp. (TM, TYT.L) Thursday announced 1.1 percent decline in worldwide production for October, as there was a sharp decline in production of passenger cars in Japan. Production outside Japan improved 2.3 percent. In a separate announcement, the Japanese automaker said it will recall more... Computer and printer maker Hewlett-Packard Co. said Tuesday after the markets closed that its fourth quarter profit fell 6% from last year, as revenue declined 2%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. This organic and natural products company has experienced strong compounded annual growth over the last four fiscal years with its net sales growing 25% and adjusted income from continuing operations over 30%.
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.