Bonso Authorizes New Share Repurchase Program
30 Septiembre 2015 - 7:30AM
Bonso Electronics International, Inc. (NASDAQ:BNSO) today announced
that its Board of Directors has authorized a stock repurchase
program for purchasing up to $1.5 million of its common stock.
The share repurchase plan will remain in place
over the next 24 months. Based on the closing price of the
Bonso’s share of $1.19 on 28 September 2015, this would be
equivalent to approximately 1.17 million shares or 23% of the
outstanding shares. Bonso’s chief executive officer, Anthony
So said, "The repurchase reflects Bonso’s commitment to efficient
capital management and delivering improved returns to shareholders.
Further, we believe that our stock is undervalued and the
repurchases are in the best interests of our shareholders."
He added: "At the same time, we are maintaining
flexibility to respond to changes in market conditions and to take
advantage of appropriate growth opportunities that may develop in
the future."
Bonso intends to repurchase shares from time to
time for cash in open market transactions or in
privately-negotiated transactions in accordance with applicable
federal securities laws. The timing and the amount of any
repurchases will be determined by the Company's management and
Board based on its evaluation of market conditions, capital
allocation alternatives, and other factors. The share
repurchase program does not require the Company to acquire any
specific number of shares and may be modified, suspended, extended
or terminated by the Company at any time without prior
notice.
About Bonso Electronics
Bonso Electronics designs, develops,
manufactures, assembles and markets a comprehensive line of
electronic scales, weighing instruments, health care products and
pet electronics products. Bonso products are manufactured in the
People's Republic of China for customers primarily located in North
America and Europe. Company services include product design and
prototyping, production tooling, procurement of components, total
quality management, and just-in-time delivery. Bonso also
independently designs and develops electronic products for private
label markets. Bonso is also beginning the process to redevelop the
land upon which its Shenzhen factory was previously located. For
further information, visit the company's web site at
http://www.bonso.com.
This news release includes forward looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities and Exchange
Act of 1934, as amended. Forward looking statements may be
identified by such words or phrases as "should," "intends," "is
subject to," "expects," "will," "continue," "anticipate,"
"estimated," "projected," "may," "I or we believe," "future
prospects," "our strategy" or similar expressions. Forward-looking
statements made in this press release, which relate to the positive
impact resulting from the sale of certain land use rights involve
known and unknown risks and uncertainties that may cause the actual
results to differ materially from those expected and stated in this
announcement. We undertake no obligation to update
"forward-looking" statements.
For more information please contact:
Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
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