China Shengda Packaging Group Inc fka CPGI

[ListenToMe]

CPGI ...July 18, 2011, 8:30 a.m. EDT

HUGE BUYBACK!!!!!!

China Shengda Packaging Group Inc. Announces Share Repurchase Program and Reiterates FY2011 Financial Guidance
HANGZHOU, China, July 18, 2011 /PRNewswire via COMTEX/ -- China Shengda Packaging Group Inc. /quotes/zigman/2380084/quotes/nls/cpgi CPGI 0.00% ("China Shengda Packaging" or the "Company"), a leading Chinese paper packaging manufacturer, today announced that its board of directors has approved a share repurchase program for up to $5 million of its common stock over the next twelve months, subject to market and other conditions.

Under this plan, the Company can repurchase shares from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable US federal securities laws. This share repurchase program may be modified, suspended, terminated or extended by the Company at any time without prior notice. The repurchases will be funded with available cash on hand.

Mr. Nengbin Fang, Chairman of China Shengda Packaging Group Inc., commented, "Following my personal share purchase, our board also decided to authorize the Company to repurchase our shares. This reflects the board's belief that our stock is significantly undervalued given our strong industry position and growth opportunities. We will continue to pursue actions that maximize value for our shareholders."

The Company also reiterated previous guidance expecting fiscal year 2011 revenues of between $115 million and $125 million, net income of between $11.5 million and $12.5 million, and diluted earnings per share of between $0.29 and $0.32.

About China Shengda Packaging Group Inc.

China Shengda Packaging Group Inc. is a leading paper packaging company in China. It is principally engaged in the design, manufacturing and sale of flexo-printed and color-printed corrugated paper cartons in a variety of sizes and strengths. It also manufactures corrugated paperboards, which are used for the production of its flexo-printed and color-printed cartons. The company provides paper packaging solutions to a wide variety of industries, including food, beverage, cigarette, household appliance, consumer electronics, pharmaceuticals, chemicals, machinery and other consumer and industrial sectors in China. For more information, visit http://www.cnpti.com .

Safe Harbor Statements

This press release may contain forward-looking statements. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company's ability to develop and market new products, the ability to access capital for expansion and continued investment in R&D, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in profit margins of principal product and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.



Company Contact:
China Shengda Packaging Group Inc.
Ray Chen, Vice President of Investor Relations
Tel: [phone]
E-mail: [e-mail]

http://www.cnpti.com Investor Relations Contact:
CCG Investor Relations
Mark Collinson
Tel: [phone]
Email: [e-mail]