logo
Plus   Neg
Share
Email

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

China Information Technology Inc.'s (CNIT) 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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a move likely to further inflame global trade tensions, President Donald Trump has threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. Trump claimed he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S. The Federal Reserve has determined that the largest U.S. banks are strongly capitalized and would be able to lend to banks as well as households during a severe global economic recession. This is the fourth straight year that all banks have met the Federal Reserve's standards. The first round of results of the supervisory stress tests were released by the central bank on Thursday. The "safety" driver behind the wheel of a self-driving Uber was streaming a television show on her smartphone up until about the time of a fatal crash in March, according to a report from the Tempe Police Department. Uber's self-driving Volvo SUV, which was traveling at under 44 miles per hour, had struck and killed a pedestrian in Arizona on March 18.
Follow RTT