SHANGHAI, Feb. 28, 2017 /PRNewswire/ -- Acorn
International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), today
announced that its board of directors has approved the extension to
the Company's existing share buyback plan for a period of one year.
With the extended share buyback plan, Acorn is authorized to
continue its repurchase of up to US$4
million of its ADSs within a one-year period from
February 1, 2017 to January 31, 2018.
The Company's proposed repurchases may be made from time to time
on the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on market conditions and in
accordance with applicable rules and regulations. The timing and
extent of any purchases will depend upon market conditions, the
trading price of its ADSs and other factors, and are subject to the
restrictions relating to volume, price and timing under applicable
law. The Company's Board of Directors will review the share
repurchase program periodically, and may authorize adjustment of
its terms and size. The Company plans to fund repurchases from its
existing cash balance.
Safe Harbor Statement
This news release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of 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. These forward-looking statements can be
identified by terminology such as "anticipates," "believes,"
"estimates," "expects," "future," "going forward," "intends,"
"outlook," "plans," "target," "will," and similar statements. Such
statements are based on management's current expectations and
current market and operating conditions, and relate to events that
involve known or unknown risks, uncertainties, and other factors,
all of which are difficult to predict and many of which are beyond
the Company's control, which may cause the Company's actual
results, performance, or achievements to differ materially from
those in the forward-looking statements. Further information
regarding these and other risks, uncertainties, or factors is
included in the Company's filings with the U.S. Securities and
Exchange Commission. The Company does not undertake any obligation
to update any forward-looking statement as a result of new
information, future events, or otherwise, except as required by
law.
About Acorn International, Inc.
Co-founded in 1998 by Executive Chairman Robert Roche,
Acorn is a marketing and branding company in China with a proven track record of
developing, promoting and selling a diverse portfolio of
proprietary-branded products, as well as well-established and
promising new products from third parties. Its business is
currently comprised of two main divisions, its direct sales
platforms and its nationwide distribution network. For more
information visit www.acorninternationalir.com.
Contact:
|
|
Acorn International,
Inc.
|
Compass Investor
Relations
|
Ms. Naomi
Deng
|
Ms. Elaine Ketchmere,
CFA
|
Phone
+86-21-5151-2944
|
Phone:
+1-310-528-3031
|
Email:
dengqi@chinadrtv.com
|
Email:
Eketchmere@compass-ir.com
|
www.chinadrtv.com
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www.compassinvestorrelations.com
|
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SOURCE Acorn International, Inc.