CHANGGE and BEIJING, China,
Aug. 17, 2011
/PRNewswire-Asia-FirstCall/ -- Zhongpin Inc. ("Zhongpin" or the
"Company," Nasdaq: HOGS), a leading meat and food processing
company in the People's Republic of
China ("China"), today
announced that it repurchased 460,600 shares of its common stock
since August 9, 2011 under the
Company's stock repurchase program announced on July 6, 2011, using internally available
cash.
Mr. Xianfu Zhu, Chairman and
Chief Executive Officer of Zhongpin Inc., said, "We are pleased to
report that we have started to execute our stock repurchase program
as promised. We are fully committed to creating long-term value for
shareholders, primarily through our pork and food operations and,
occasionally, through repurchases of our shares in the market,
subject to the approval of our board of directors. Thanks to our
strong cash position, we are confident that we can both execute
this stock repurchase program and invest in our future growth in a
timely manner."
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.
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.
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 and the trading
price of its shares, as well as other factors. The repurchase
program does not obligate Zhongpin to make repurchases at any
specific time or situation.
Zhongpin does not intend to either provide updates or detailed
information for each and every stock repurchase transaction.
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 3,343 retail outlets as
of June 30, 2011. 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.
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)
Director of Investor Relations
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
SOURCE Zhongpin Inc.