China Direct Authorizes $2.5 Million Stock Repurchase Program
September 12 2008 - 8:11AM
PR Newswire (US)
DEERFIELD BEACH, Fla., Sept. 12 /PRNewswire-FirstCall/ -- China
Direct, Inc. (NASDAQ:CDS), a U.S. company that owns controlling
stakes in a diversified portfolio of Chinese entities and assists
Chinese businesses in accessing the U.S. capital markets, announced
that its Board of Directors has approved a $2.5 million stock
repurchase program. On September 10, 2008, the Board of Directors
authorized the Company to repurchase up to $2.5 million shares of
its common stock through March 31, 2009. The amount and timing of
specific repurchases are subject to market conditions, applicable
legal requirements and other factors deemed appropriate by the
Company's CEO and President. Repurchases may be in open-market
transactions or through privately negotiated transactions, and the
repurchase program may be discontinued or expanded by the Board of
Directors at any time. The Company has approximately 23.5 million
shares of common stock outstanding and approximately 12.5 million
shares are in the public float as of today. Any shares repurchased
by the Company in this program will reduce the number of
outstanding shares of its common stock. "The board's decision to
authorize the repurchase of our common stock underscores our
confidence in China Direct's financial strength and our ability to
enhance long-term shareholder value. Our business outlook remains
strong," said Dr. James Wang, CEO of China Direct. Dr. Wang
concluded, "We believe that our current financial model and
operating requirements will allow us to execute this program as we
make the necessary investments in our business to ensure our future
growth. Our cash resources, after the repurchase, will be adequate
to allow us to continue pursuing our objectives." About China
Direct, Inc. China Direct, Inc. (NASDAQ:CDS) is a diversified
management and advisory services organization headquartered in the
U.S. Our management services division acquires a controlling
interest in entities operating in China. Our ownership control
enables China Direct to provide management advice, as well as
financing to Chinese entities. This infrastructure creates a
platform to expand business opportunities globally while accessing
the U.S. capital markets. Our advisory services division provides
comprehensive advisory and consulting services to Chinese entities
seeking to access the U.S. capital markets. As a direct link to
China, China Direct serves as a vehicle allowing investors to
directly participate in the rapid growth of the Chinese economy in
a diversified and balanced manner. For more information about China
Direct, please visit http://www.chinadirectinc.com/ . DISCLOSURE
NOTICE: In connection with the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, China Direct,
Inc., is hereby providing cautionary statements identifying
important factors that could cause our actual results to differ
materially from those projected in forward-looking statements (as
defined in such act). Any statements that are not historical facts
and that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, indicated through the use of
words or phrases such as "will likely result," "are expected to,"
"will continue," "is anticipated," "estimated," "intends," "plans,"
"believes" and "projects") may be forward-looking and may involve
estimates and uncertainties which could cause actual results to
differ materially from those expressed in the forward-looking
statements. These statements include, but are not limited to, our
expectations about our future success, the success of our advisory
board, and our ability to identify and close acquisitions of
operating companies in China in a cost effective manner that
enhance our financial condition. We caution that the factors
described herein could cause actual results to differ materially
from those expressed in any forward-looking statements we make and
that investors should not place undue reliance on any such
forward-looking statements. Further, any forward- looking statement
speaks only as of the date on which such statement is made, and we
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances. New factors emerge from time
to time, and it is not possible for us to predict all of such
factors. Further, we cannot assess the impact of each such factor
on our results of operations or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
This press release is qualified in its entirety by the cautionary
statements and risk factor disclosure contained in our Securities
and Exchange Commission filings, including our Annual Report on
Form 10-K for the year ended December 31, 2007 and our reports on
Form 10-Q. DATASOURCE: China Direct, Inc. CONTACT: Investor
Relations, James Kautz, , or Todd Atenhan, both of EPOCH Financial
Group, Inc., +1-404-806-1393; or Richard Galterio, Executive Vice
President of China Direct, Inc., +1-877-China-57, Web site:
http://www.chinadirectinc.com/
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