American Lorain Corporation Announces Share Repurchase Program
JUNAN COUNTY, China, June 30, 2011 /PRNewswire-Asia-FirstCall/ — American Lorain Corporation (NYSEAmex: ALN) (“American Lorain” or the “Company”), an international processed snack foods, convenience foods, and frozen foods company based in Shandong Province, China, today announced that its Board of Directors has approved a share repurchase program that authorizes American Lorain to repurchase up to $5 million of its common stock in the open market or through privately negotiated transactions in the next 12 months.
The Company expects to implement this share repurchase program in a manner consistent with market conditions and the interest of the shareholders, and in compliance with Rule 10b5-1 or Rule 10b-18 of the Securities Exchange Act of 1934. The program does not obligate American Lorain to acquire any particular amount of its common stock and may be modified or suspended at any time upon review by the Company's board of directors. The Company plans to fund repurchases made under this program from its available cash balance.
American Lorain's Chairman and CEO, Mr. Si Chen, stated, “We remain confident in the fundamentals and long-term prospects of our business. However, we believe our common shares are currently undervalued and are thus initiating this share buyback program. We will continue to focus on growing our business and thus enhancing shareholder value.”
About American Lorain Corporation
American Lorain Corporation products include chestnut products, convenience food products and frozen food products. The Company currently sells over 240 products to 26 provinces and administrative regions in China as well as to 42 foreign countries. The Company operates through its five direct and indirect subsidiaries and one leased factory located in China. For further information about American Lorain Corporation, please visit the Company's website at http://www.americanlorain.com.
SOURCE American Lorain Corporation