Attached files
file | filename |
---|---|
8-K - ZST Digital Networks, Inc. | v195248_8k.htm |
EX-10.1 - ZST Digital Networks, Inc. | v195248_ex10-1.htm |
For
Immediate Release
ZST
DIGITAL NETWORKS, INC. ANNOUNCES SHARE REPURCHASE PROGRAM
ZHENGZHOU,
CHINA – August 24, 2010 — ZST Digital Networks, Inc. (NASDAQ: ZSTN) (the
“Company” or “ZST”), a major developer, manufacturer and supplier of cable
systems and commercial GPS products in China, today announced that its Board of
Directors has authorized the Company to repurchase outstanding shares of the
Company’s common stock in an amount not to exceed $1 million 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
Company intends to effect the share repurchases in compliance with the Rule
10b-18 under the Securities Exchange Act of 1934. The acquired shares
will be retired and cancelled upon repurchase.
Mr. Bo
Zhong, Chairman and Chief Executive Officer of ZST, commented, “The Board’s
authorization of the share repurchase program reflects our confidence in the
favorable growth outlook for ZST. As we enter the second half of
2010, the demand for our products and services remains robust, supported by the
continued expansion of our end markets. In addition, our strong
second quarter 2010 results and the rapid development of our commercial GPS
products give us confidence in the long-term growth prospects of our business.
As such, we believe that current share price levels do not fully reflect the
fundamental strength of our business and outlook. We remain committed
to maximizing long-term shareholder value, and believe that our stable financial
position and healthy balance sheet will allow us to execute a share repurchase
program while continuing to invest in our business.”
About
ZST Digital Network, Inc.
ZST
Digital Networks, Inc. (Nasdaq: ZSTN) is a China-based company, principally
engaged in supplying digital and optical network equipment and providing
installation services to cable system operators in China. The Company
has developed a line of IPTV devices that are used to provide bundled cable
television, Internet and telephone services to residential and commercial
customers. The Company has assisted in the installation and
construction of over 400 local cable networks in more than 90 municipal
districts, counties, townships, and enterprises. The Company has also launched a
commercial line of vehicle tracking devices utilizing our GPS technologies and
support services for transport-related enterprises to track, monitor and
optimize their businesses. For more information about ZST
Digital Networks, Inc., please visit http://www.shenyangkeji.com.
“Safe
Harbor” Statement
The
statements in this press release regarding the repurchase of the Company’s
common stock are forward looking statements that are subject to risks and
uncertainties. The Company may repurchase all $1 million of its
common stock, or no shares of its common stock, or any amount in between,
depending on the trading price of its common stock, which may be positively or
negatively impacted by the repurchase program, market conditions, determinations
following the date of this announcement to use such funds for other purposes, or
for other reasons.
This
release also contains certain "forward-looking statements" relating to the
business of the Company and its subsidiary companies. These forward-looking
statements are often identified by the use of forward-looking terminology such
as "believes, expects" or similar expressions. Such forward looking statements
involve known and unknown risks and uncertainties, including, but not limited
to, our ability to maintain and increase revenues and sales of our products; our
ability to develop and market new products; our strategic investments and
acquisitions; compliance and changes in the laws of the People's Republic of
China (the "PRC") that affect our operations; our ability to obtain all
necessary government certifications and/or licenses to conduct our business;
vulnerability of our business to general economic downturn, especially in the
PRC; adverse capital and credit market conditions; our ability to meet liquidity
needs; and other risk factors detailed in reports filed with the Securities and
Exchange Commission from time to time. Investors should not place
undue reliance on these forward-looking statements, which speak only as of the
date of this press release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a result of a
variety of factors, including the factors discussed above and in the Company's
periodic reports that are filed with the Securities and Exchange Commission and
available on its website (http://www.sec.gov). All forward-looking statements
attributable the Company or to persons acting on its behalf are expressly
qualified in their entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
Contacts:
|
|
Company
Contact:
ZST
Digital Networks, Inc
John
Chen, Chief Financial Officer
Email:
jchen@shenyangkeji.com
|
Investor
Relations (US):
Taylor
Rafferty, LLC
Mahmoud
Siddig
Tel:
+1-212-889-4350
Email:
zstdigital@taylor-rafferty.com
www.taylor-rafferty.com
|
Investor
Relations (US):
BPC
Financial Marketing
John
Baldissera
Tel:
800-368-1217
|
Investor
Relations (HK):
Taylor
Rafferty, LLC
Ruby
Yim
Tel:
+852-3196-3712
Email:
zstdigital@taylor-rafferty.com
www.taylor-rafferty.com
|
- 2
-