Attached files
| file | filename |
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| 8-K - FORM 8-K CURRENT REPORT - ZHONGPIN INC. | v227937_8k.htm |
Exhibit
99.1
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Zhongpin
Inc.
Suite
605A, Raycom Info Tech Park, 2 Kexueyuan South Road, Zhongguancun, Haidain
District,
Beijing,
China 100190, +86 10 8286 1788 extension 101,
ir@zhongpin.com
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page 1 |
Zhongpin
Inc. Announces Stock Repurchase Program of Up to $10 million
CHANGGE
and BEIJING, China, July 6, 2011 /PRNewswire-FirstCall/ -- Zhongpin Inc.
(“Zhongpin”, Nasdaq: HOGS), a leading meat and food processing company in the
People's Republic of China, today announced that its board of directors has
approved a stock repurchase program of up to $10 million of its outstanding
stock over the next 12 months. The stock repurchase program was approved by
Zhongpin’s board of directors on July 5, 2011, became effective on July 5, 2011,
and is authorized to be in effect through July 4, 2012.
Mr.
Xianfu Zhu, Zhongpin’s Chairman and Chief Executive Officer, said, "Our board of
directors approved this share repurchase program to demonstrate its confidence
in the long-term growth outlook for Zhongpin and its desire to create value for
our shareholders. Our good cash position gives us the flexibility both to
continue our aggressive growth strategy and to buy our shares through the stock
repurchase plan."
Under the
stock repurchase program, Zhongpin is authorized to repurchase up to $10 million
of its issued and outstanding common shares from time to time in open-market
transactions on Nasdaq at prevailing market prices, in negotiated transactions
off the market, in block trades, in trades pursuant to a Rule
10b5-1 repurchase plan that allows Zhongpin to repurchase its shares during
periods in which it may be in possession of material non-public information, or
otherwise, in accordance with applicable federal securities laws, including Rule
10b-18.
The
repurchases will be made at management’s discretion, subject to restrictions on
price, volume, and timing. The timing and extent of any purchases will depend
upon market conditions, the trading price of its shares, and other factors.
The repurchase
program does not obligate Zhongpin to make repurchases at any specific time or
situation.
Zhongpin’s board of
directors will periodically review the share repurchase program and may
authorize adjustments to the program's terms and size. The board may also
suspend or discontinue the repurchase program at any time.
Zhongpin
expects to pay for the repurchased shares using internally available cash. As of
March 31, 2011, Zhongpin’s cash and cash equivalents totaled $177.6
million.
Zhongpin
had 40.3 million common shares outstanding as of March 31, 2011.
About
Zhongpin
Zhongpin
Inc. is a meat and food processing company that specializes in pork and pork
products, vegetables, and fruits in China. Its distribution network in China
covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes
3,378 retail outlets. Zhongpin's export markets include Europe, Hong Kong, and
other countries in Asia. For more information about Zhongpin, please visit
Zhongpin's website at http://www.zpfood.com.
|
Zhongpin
Inc.
Suite
605A, Raycom Info Tech Park, 2 Kexueyuan South Road, Zhongguancun, Haidain
District,
Beijing,
China 100190, +86 10 8286 1788 extension 101,
ir@zhongpin.com
|
page 2 |
Safe
harbor statement
Certain
statements in this news release may be forward-looking statements made under the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Zhongpin has based its forward-looking statements largely on its current
expectations and projections about future events and trends that it believes may
affect its business strategy, results of operations, financial condition, and
financing needs.
These
projections involve risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements, which may
include but are not limited to such factors as downturns in the Chinese economy,
unanticipated changes in product demand, interruptions in the supply of live
pigs and or raw pork, the effects of weather on hog feed production, poor
performance of the retail distribution network, delivery delays, freezer
facility malfunctions, Zhongpin’s ability to build and commence new production
facilities according to intended timelines, the ability to prepare Zhongpin for
growth, the ability to predict Zhongpin’s future financial performance and
financing ability, changes in regulations, and other information detailed in
Zhongpin's filings with the United States Securities and Exchange Commission.
These filings are available from www.sec.gov or from Zhongpin’s website at
www.zpfood.com.
You are
urged to consider these factors carefully in evaluating Zhongpin’s
forward-looking statements and are cautioned not to place undue reliance on
those forward-looking statements, which are qualified in their entirety by this
cautionary statement. All information provided in this news release is as of the
date of this release. Zhongpin does not undertake any obligation to update any
forward-looking statement as a result of new information, future events, or
otherwise, except as required by law.
For more
information, please contact:
Zhongpin
Inc.
Mr.
Sterling Song (English and Chinese)
Investor
Relations Manager
Telephone
+86 10 8286 1788 extension 101 in Beijing
ir@zhongpin.com
Mr.
Warren (Feng) Wang (English and Chinese)
Chief
Financial Officer
Telephone
+86 10 8286 1788 extension 104 in Beijing
warren.wang@zhongpin.com
Christensen
Mr.
Christian Arnell (English and Chinese)
Telephone
+86 10 5826 4939 in Beijing
carnell@christensenir.com
Mr. Tom
Myers (English)
Mobile
+86 139 1141 3520 in Beijing
tmyers@christensenir.com
Ms. Kathy
Li (English and Chinese)
Telephone
+1 480 614 3036
kli@christensenir.com
Source:
Zhongpin Inc.
www.zpfood.com