China Growth Stocks

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CHOP - Share Repurchase Update

ZHENGZHOU, China, June 21, 2011 /PRNewswire-Asia/ -- China Gerui Advanced Materials Group Limited (NASDAQ: CHOP) (the "Company" or "China Gerui") today provided an update on its previously announced $10 million share repurchase program.

As of June 20, 2011, the Company has repurchased 780,273 ordinary shares at an average price of $3.82 per share for a total share repurchase to date of approximately $2.98 million.

Mr. Mingwang Lu, Chairman and Chief Executive Officer, stated, "We believe the repurchase of our shares represents a sound investment decision for our Company given recent trading prices. Our Board of Directors approved a share repurchase program that has been designed to comply with applicable securities laws and we commenced open market purchases of our shares in mid-May of 2011. If the price of our shares remains at or around the current market price level, we plan to continue to buy back our shares in accordance with the economic parameters of the repurchase program and subject to the legal limitations of the program, as approved by our Board."