SHENZHEN, China, Sept. 19, 2011 /PRNewswire-Asia-FirstCall/ --
China GrenTech Corporation Limited (NASDAQ: GRRF, "GrenTech", or
"the Company"), a leading China-based provider of radio frequency and
wireless coverage products and services, today announced that its
Board of Directors has approved a share repurchase program.
Under the terms of this share repurchase program, GrenTech may
repurchase up to US$10.0 million
worth of its issued and outstanding American Depositary Shares
("ADSs") from time to time in open-market transactions on the
NASDAQ Global Select Market. The timing and dollar amount of
repurchase transactions is subject to the Board of Director's
discretion depending on market conditions and will be subject to
Securities and Exchange Commission ("SEC") Rule 10b-18
requirements. GrenTech plans to fund share repurchases made under
this program from its available working capital. The share
repurchase program does not have an expiration date and may be
modified or discontinued at any time by the Company's Board of
Directors.
"Given our solid market leadership, strong pipeline of new
products, cutting edge technology and the positive outlook for the
telecommunication market in China,
we believe that our shares are undervalued," said Mr. Yingjie Gao, GrenTech's Chairman and Chief
Executive Officer. "Our share repurchase program demonstrates
our commitment to enhancing long term shareholder value as well as
our confidence in our business model and strategic growth
plan."
About China GrenTech
GrenTech is a leading developer of radio frequency (“RF”)
technology in China and a leading
provider of wireless coverage products and services in China. The Company uses RF technology to
design and manufacture wireless coverage products, which enables
telecommunications operators to expand the reach of their wireless
communication networks to indoor and outdoor areas such as
buildings, highways, subways, tunnels and remote regions. China
GrenTech’s wireless coverage services include design, installation
and project warranty services. The Company also tailors the design
and configuration of its wireless coverage products to the specific
requirements of its customers.
Based on its in-house RF technology platform, the Company also
develops and produces base station RF parts and components sold to
base station manufacturers. GrenTech is a qualified supplier of RF
parts and components to major global and domestic base station
manufacturers. For more information, please visit
www.GrenTech.com.cn.
Safe Harbor Statement
Certain statements contained in this announcement may be viewed
as “forward-looking statements” within the meaning of Section 27A
of the U.S. Securities Act of 1933, as amended, and Section 21E of
the U.S. Securities Exchange Act of 1934, as amended. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
performance, financial condition or results of operations of
GrenTech to be materially different from any future performance,
financial condition or results of operations implied by such
forward-looking statements. The accuracy of these statements may be
impacted by a number of business risks and uncertainties that could
cause actual results to differ materially from those projected or
anticipated, including risks related to: the risk that the share
repurchase program will not increase shareholder value and other
risks outlined in GrenTech’s filings with the SEC. GrenTech
undertakes no ongoing obligation, other than that imposed by law,
to update these statements.
Company Contact:
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Investor Relations
Contact:
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Xin Lian, Senior
Manager
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David Rudnick, Account
Manager
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China GrenTech Corp.
Ltd.
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CCG Investor
Relations
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Tel: +86 755 2650
3007
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Tel: + (1) 646-626-4172 (New
York)
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E-mail: investor@powercn.com
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E-mail: david.rudnick@ccgir.com
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SOURCE China GrenTech Corporation Limited