WENZHOU, China, March 31,
2022 /PRNewswire/ -- ZK International Group Co.,
Ltd. (Nasdaq: ZKIN) ("ZK", "ZK International" or the "Company"),
announced today that it plans to undertake a share repurchase
program to allow for the buyback of some of its common shares.
ZKIN's Board of Directors has authorized a share repurchase
program for the repurchase of up to $1.00
million of the Company's outstanding common shares over the
next 12 months at prevailing market prices in accordance with
applicable law.
Under the new share repurchase program, the company is
authorized to repurchase from time to time shares of its
outstanding common stock on the open market. The timing and amount
of stock repurchases will depend on a variety of factors, including
market conditions as well as corporate and regulatory
considerations. The share repurchase program may be suspended,
modified or discontinued at any time and the company has no
obligation to repurchase any amount of its common stock under the
program. The company intends to make all repurchases in compliance
with applicable regulatory guidelines and to administer the plan in
accordance with applicable laws, including Rule 10b-18 of the
Securities Exchange Act of 1934, as amended.
"We believe that the shares are trading in a price range that
does not reflect the value of the Company's investments,
intellectual property, and financial assets," said Jiancong Huang, CEO and Chairman. He
continues to state, "We have the financial strength to undertake
this program and reflects our confidence in the cash flow we expect
from our investments, which are valuable now and we believe will be
more so in the future. While we will still continue to pursue
value creating investments, the Board believes there is significant
embedded value in our assets that is yet to be realized by the
market. Therefore, returning capital to shareholders through a
repurchase program of this size is an attractive use of capital at
this time."
ZK International believes that, from time to time, the market
price of its common shares trade at prices that may not adequately
reflect their underlying value. The actual number of common shares
that may be purchased, if any, and the timing of any such
purchases, will be determined by the Company based on a number of
factors, including the Company's financial performance, prevailing
market prices of the common shares, the availability of cash flows,
and the consideration of other uses of cash, including capital
investment opportunities, returns to shareholders, and debt
reduction.
The repurchase program does not obligate the Company to acquire
any particular number of common shares, and the repurchase program
may be suspended or discontinued at any time at the Company's
discretion.
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based engineering company building and
investing in innovative technologies for the modern world. With a
focus on designing and implementing next-generation solutions
through industrial, environmental and software engineering, ZKIN
owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and
10 National and Industry Standard Awards.
ZKIN's core business is to engineer and manufacture patented
high-performance stainless steel and carbon steel pipe products
that effectively deliver high quality, highly-sustainable and
environmentally sound drinkable water to the Chinese, Asia and European markets. ZK International is
Quality Management System Certified (ISO9001), Environmental
Management System Certified (ISO1401), and a National Industrial
Stainless Steel Production Licensee. It has supplied stainless
steel pipelines for over 2,000 projects, which include the Beijing
National Airport, the "Water Cube" and "Bird's Nest", which were
venues for the 2008 Beijing Olympics. ZK International is preparing
to capitalize on the $850 Billion
commitment made by the Chinese Government to improve the quality of
water, which has been stated to be 70% unfit for human
contact.
In 2018, ZKIN established its wholly-owned xSigma Corporation to
develop innovative software solutions that support its core
operations while exploring new opportunities in smart contracts,
distributed ledgers, supply chain management and blockchain
architecture. The xSigma Labs team is made up of world-class
developers and engineers formerly of Facebook, Google, Amazon,
Ripple and 1inch, most recently launching its first DeFi project in
the Fall of 2020.
In March of 2021, ZKIN announced the formation of its new
wholly-owned subsidiary, xSigma Entertainment Limited. It was
established as part of ZK's integrated network of companies focused
on developing and investing in innovative software technology
platforms. xSigma Entertainment's mandate is to acquire assets in
the high-growth US gaming market. Sigma Entertainment aims to
increase shareholder value by targeting and investing in
early-stage online gambling businesses that are poised for
exponential growth and exits.
For more information please visit www.ZKInternationalGroup.com.
Additionally, please follow the Company on Twitter, Facebook,
YouTube, and Weibo. For further information on the Company's SEC
filings please visit www.sec.gov.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Without limiting the generality of the foregoing, words
such as "may," "will," "expect," "believe," "anticipate," "intend,"
"could," "estimate" or "continue" or the negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements. In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances are forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict and many of which are
beyond the control of ZK International. Actual results may
differ from those projected in the forward-looking statements due
to risks and uncertainties, as well as other risk factors that are
included in the Company's filings with the U.S. Securities and
Exchange Commission. Although ZK International believes that
the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and,
therefore, there can be no assurance that the results contemplated
in forward-looking statements will be realized. In light of
the significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by ZK International or
any other person that their objectives or plans will be achieved.
ZK International does not undertake any obligation to revise the
forward-looking statements contained herein to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Contact Person: Di Chen
Email: super.di@live.cn
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SOURCE ZK International Group Co., Ltd.