CHANGSHU, China, Aug. 30, 2011 /PRNewswire via COMTEX/ -- Sutor Technology Group Limited (the "Company", "Sutor") /quotes/zigman/105638/quotes/nls/sutr SUTR +13.44% , a leading China-based private manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced that its Board of Directors has authorized the repurchase of up to $5 million of its outstanding common stock through August 31, 2012.
The Company is authorized to repurchase, in accordance with applicable federal securities laws, in the open market and/or in privately negotiated transactions the Company's common stock as deemed appropriate by management. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. The Company plans to fund the stock repurchase program from its available cash balance.
"The repurchasing of shares reflects our confidence in the long-term prospects for Sutor and underscores our continuous commitment to maximize value for our shareholders. Considering our progress toward improved profitability, growing product acceptance, anticipated capacity expansion and expected future growth, we believe that Sutor stock is undervalued and repurchasing shares at the current price is an efficient use of our capital," said Ms. Lifang Chen, CEO and Chairwoman of Sutor.
About Sutor Technology Group Limited
Sutor /quotes/zigman/105638/quotes/nls/sutr SUTR +13.44% is a leading private China-based manufacturer and distributor of high end fine finished steel products and welded steel pipes used by a variety of downstream applications. The Company utilizes a variety of in-house developed processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. These products are used for household appliances, solar waters heaters, automobiles, IT, construction, etc. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php .
Forward-Looking Statements
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, the long-term prospects of Sutor, the ability to enhance stockholder value and improve profitability, our expected product acceptance, our anticipated capacity expansion our future growth and operating results, our expectations regarding the market for our products, our expectations regarding the steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, fluctuations and volatility in our stock price; the impact of macroeconomic conditions on customer demand; changes in our financial condition; changes in business opportunities and priorities that could cause us to consider alternative uses of cash; the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2010, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or SEC. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov . The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.