JUNAN COUNTY, China,
June 30, 2011
/PRNewswire-Asia-FirstCall/ -- American Lorain Corporation (NYSE Amex: 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