CNinsure Announces Shareholder Resolutions Adopted at 2008 Annual General Meeting
December 18 2008 - 3:30AM
PR Newswire (US)
GUANGZHOU, China, Dec. 18 /PRNewswire-Asia-FirstCall/ -- CNinsure
Inc., (NASDAQ:CISG), a leading independent insurance intermediary
company operating in China, today announced the results of its
annual general meeting of shareholders held in Guangzhou on
December 18. At the annual general meeting, the share repurchase
program proposed by the Company was adopted by the shareholders.
Pursuant to the program, CNinsure is authorized but not obligated
to repurchase up to US$20 million worth of its own American
Depositary Shares ("ADSs") by December 31st, 2009. The repurchases
will be made from time to time on the open market or in negotiated
transactions in accordance with Rule 10b-18 under the Securities
Exchange Act of 1934, subject to market conditions, the trading
price of ADSs and other factors. In addition, shareholders approved
the amendments to the Company's Articles of Association which
authorizes the Board to approve and execute future repurchase of
its own shares. The company's proposal related to the amendments of
the 2007 Share Incentive Plan ("Plan") was also adopted at the
meeting. Under the amended 2007 Share Incentive Plan, the maximum
number of ordinary shares reserved for future issuance pursuant to
the Plan is 15% of the total ordinary shares outstanding after the
closing of the Company's initial public offering. Meanwhile, the
Board was authorized to adjust the exercise prices of outstanding
options, and decide all other matters in connection with the Plan,
including but not limited to the cancellation or redemption of the
outstanding awards. For more information regarding these
resolutions, please review the 2008 Annual General Meeting Notice
available at the company's website:
http://www.corpasia.net/us/CISG/irwebsite/ . About CNinsure Inc.
CNinsure is a leading independent intermediary company operating in
China. CNinsure's distribution channel reaches many of China's most
economically developed regions and affluent cities. The Company
distributes a wide variety of property and casualty and life
insurance products underwritten by domestic and foreign insurance
companies operating in China, and provides insurance claims
adjusting as well as other insurance-related services.
Forward-looking Statements This press release contains statements
of a forward-looking nature. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. You can identify these forward- looking
statements by terminology such as "will," "expects," "believes,"
"anticipates," "intends," "estimates" and similar statements. Among
other things, the management's quotations contain forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about CNinsure
and the industry. Potential risks and uncertainties include, but
are not limited to, those relating to CNinsure's limited operating
history, especially its limited experience in selling life
insurance products, its ability to attract and retain productive
agents, especially entrepreneurial agents, its ability to maintain
existing and develop new business relationships with insurance
companies, its ability to execute its growth strategy, its ability
to adapt to the evolving regulatory environment in Chinese
insurance industry, and its ability to compete effectively against
its competitors. All information provided in this press release is
as of December 18, 2008, and CNinsure undertakes no obligation to
update any forward-looking statements to reflect subsequent
occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although CNinsure
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsure's filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F. DATASOURCE: CNinsure Inc. CONTACT:
Oasis Qiu, Investor Relations Manager, +86-20-6122-2777 x850, or
Web site: http://www.corpasia.net/us/CISG/irwebsite/
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