CCME:China MediaExpress Announces Share Repurchase Program
Anybody knows how many shares were bought under this repurchase program??
Business Wire
FUJIAN, China -- September 16, 2010
China MediaExpress Holdings, Inc. (NASDAQ GS: CCME) (“CME” or “Company”),
China’s largest television advertising operator on inter-city and airport
express buses, today announced that its Board of Directors has approved a
share repurchase program for up to $30 million of its common stock. The share
repurchase authorization is effective immediately and remains in effect for
one year.
Under the terms of the stock repurchase plan, the Company may repurchase
shares from time to time through a combination of open market repurchases,
privately negotiated transactions and accelerated share repurchase
transactions in compliance with applicable securities laws and regulations
including the SEC's Rules 10b5-1 and 10b-18. The timing and number of shares
repurchased will depend on a variety of factors, including the $30 million
maximum, the stock price, and availability and market conditions. The Company
may suspend or discontinue the stock repurchase program at any time. The
repurchase program will be funded using the Company’s available cash. As of
August 31, 2010, there were approximately 34.3 million shares of CME common
stock outstanding.
Mr. Zheng Cheng, CME’s Chairman and Chief Executive Officer, noted, “CME has a
strong balance sheet. Our Board of Directors believes that the current share
price of our common stock does not reflect the Company’s fair value. The share
repurchase program represents a good use of a portion of our cash position, is
an attractive investment opportunity for CME and its shareholders and is
consistent with our commitment to enhance stockholder value.”
CME, through contractual arrangements with Fujian Fenzhong, an entity majority
owned by CME’s former majority shareholder, operates the largest television
advertising network on inter-city and airport express buses in China. While
CME has no direct equity ownership in Fujian Fenzhong, through the contractual
agreements CME receives the economic benefits of Fujian Fenzhong’s operations.
Fujian Fenzhong generates revenue by selling advertisements on its network of
television displays installed on over 23,400 express buses originating in
seventeen of China’s most prosperous regions, including the four
municipalities of Beijing, Shanghai, Tianjin and Chongqing and thirteen
economically prosperous regions, namely Guangdong, Jiangsu, Jiangxi, Fujian,
Sichuan, Hebei, Anhui, Hubei, Shandong, Shanxi, Inner Mongolia, Zhejiang and
Hunan.
CME is included in the Russell Global Index. For more information visit:
www.ccme.tv.
Contact:
China MediaExpress
Jacky Lam
Chief Financial Officer
jackylam@mediaexpress.com.hk
or
INVESTOR RELATIONS:
The Equity Group Inc.
Lena Cati (212) 836-9611
lcati@equityny.com
Linda Latman (212) 836-9609
llatman@equityny.com