FUJIAN, China, Oct. 26, 2011 /PRNewswire-Asia-FirstCall/ --
Exceed Company Ltd. (Nasdaq: EDS) ("Exceed" or "the Company"), one
of the leading domestic sportswear brands in China, today announced that it has notified
the Nasdaq Stock Market ("Nasdaq") of its intent to file a Form 25
with the United States Securities and Exchange Commission ("SEC")
on November 3, 2011 to withdraw the
Company's publicly traded warrants from listing on the Nasdaq.
The Company's publicly traded warrants (Nasdaq: EDSWW /
EDSUU) will expire in accordance with their terms on November 8, 2011. The publicly traded warrants of
the Company include the warrants and the units (which are comprised
of one share and one warrant), both of which were registered with
SEC pursuant to a Form S-1 registration statement declared
effective on November 8, 2007. As no
broker protection period will be imposed on the warrants, the
trading of warrants and units will be suspended following market
close on November 3, 2011.
In addition, Exceed announces that in accordance with its share
repurchase program announced on August 15,
2011, the Company has purchased up to 200,200 of its
ordinary shares as of October 21,
2011, at an average price of $3.89 per share. As previously announced,
the Company is authorized to repurchase up to US$10 million of its ordinary shares within 6
months of August 15, 2011 using
existing cash reserves. Stock repurchases under this program
may be made through open market purchases, in privately negotiated
transactions, in block trades, pursuant to a 10b5-1 plan, or
otherwise. The timing and actual number of shares repurchased
will depend on market conditions, trading price of the ordinary
shares and other factors and be subject to the restrictions
relating to volume, price and timing under applicable laws.
Safe Harbor Statement
This announcement contains forward-looking statements that are
based on our anticipated repurchase of its ordinary shares and the
manner of such repurchases. Although we believe that our
expectations expressed in these forward-looking statements are
reasonable, we cannot assure you that our expectations will turn
out to be correct. Our future actions could be materially different
from our current expectations. A number of factors could cause to
differ materially from those contained in these forward-looking
statements, including but not limited to changes in our goals and
strategies and our financial condition. The forward-looking
statements made in this announcement relate only to events or
information as of the date on which this announcement is published.
We undertake no obligation to update any forward-looking statements
to reflect events or circumstances after the date this announcement
is published or to reflect the occurrence of unanticipated
events.
About Exceed Company Ltd.
Exceed Company Ltd. designs, develops and engages in wholesale
of footwear, apparel and accessories under its own brand, XIDELONG,
in China. Since it began
operations in 2002, Exceed has targeted its growth on the consumer
markets in the second and third-tier cities in China. Exceed has three principal categories
of products: (i) footwear, which comprises running, leisure,
basketball, skateboarding and canvas footwear, (ii) apparel, which
mainly comprises sports tops, pants, jackets, track suits and
coats, and (iii) accessories, which mainly comprise bags, socks,
hats and caps. Exceed Company Ltd. currently trades on Nasdaq under
the symbols "EDS", "EDSWW" and "EDSUU".
For further information, please contact:
Investor Relations (Hong
Kong)
Mahmoud Siddig
Taylor Rafferty
T: +852 3196 3712
E: Exceed@Taylor-Rafferty.com
Investor Relations (US)
Bryan Degnan
Taylor Rafferty
T: +1 (212) 889-4350
E: Exceed@Taylor-Rafferty.com
SOURCE Exceed Company Ltd.