YANGZHOU, China, July 1, 2024 /PRNewswire/ -- Meihua International
Medical Technologies Co., Ltd. ("MHUA" or the "Company") (Nasdaq:
MHUA), a reputable manufacturer and provider of Class I, II and III
disposable medical devices with operating subsidiaries in
China, announced today that its
board of directors (the "Board") has approved and authorized a
share repurchase program of up to $3
million of the Company's outstanding ordinary shares (the
"Share Repurchase Program"). The Company intends to cancel all
shares repurchased pursuant to this Share Repurchase Program.
The ordinary shares may be repurchased from time to time through
open market purchases or privately negotiated transactions at
prevailing prices, in accordance with securities laws and other
legal requirements, including Rule 10b-18 and Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended, as well as the Company's insider
trading policy, and subject to market conditions and other
factors.
"With ongoing efforts to innovate, expand our premium product
offerings, and enhance operational efficiency through optimized
production processes and the application of AI, we continue to
strengthen our business model and generate significant cash flow,
which enables us to invest for the long term," said Xin "Steven"
Wang, Chief Executive Officer of Meihua. "This Share Repurchase
Program including the planned cancellation of repurchased shares
not only underscores our confidence in Meihua's future growth but
also demonstrates our commitment to enhancing shareholder value
through concrete actions."
The adoption of this Share Repurchase Program does not obligate
the Company to acquire any specific amount of ordinary shares, and
it may be suspended or discontinued at any time by the Board.
The Company expects to implement the Share Repurchase Program
and a corresponding 10b5-1 plan following the filing of its
Semi-Annual Report on Form 6-K for the period ending June 30, 2024.
About Meihua International Medical Technologies Co.,
Ltd.
Meihua International Medical Technologies is a reputable
manufacturer and provider of Class I, II and III disposable medical
devices with operating subsidiaries in China. The Company manufactures and sells
Class I disposable medical devices, such as HDPE bottles for
tablets and LDPE bottles for eye drops, throat strips, and anal
bags, and Class II and III disposable medical devices, such as
disposable identification bracelets, gynecological examination
kits, inspection kits, surgical kits, medical brushes, medical
dressing, medical catheters, uterine tissue suction tables, virus
sampling tubes, disposable infusion pumps, electronic pumps and
anesthesia puncture kits, among other products which are sold under
Meihua's own brands and are also sourced and distributed from other
manufacturers. The Company has received an international "CE"
certification and ISO 13485 system certification and has also
registered with the FDA (registration number: 3006554788) for over
20 Class I products. The Company has served hospitals, pharmacies,
medical institutions and medical equipment companies for more than
30 years, providing over 1,000 types of products for domestic
sales, as well as over 120 products which are exported to more than
30 countries internationally across Europe, North
America, South America,
Asia, Africa and Oceania.
For more information, please visit www.meihuamed.com.
Follow us on Webull:
https://www.webull.com/quote/nasdaq-mhua.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's ability to achieve its goals and
strategies, and its ability to fully execute on the planned
agreement, the Company's future business development and plans of
future business development, including its ability to successfully
develop robotic assisted surgery systems and obtain licensure and
certification for such systems, financial conditions and results of
operations, product and service demand and acceptance, reputation
and brand, the impact of competition and pricing, changes in
technology, government regulations, fluctuations in general
economic and business conditions in China, and assumptions underlying or related
to any of the foregoing and other risks contained in reports filed
by the Company with the U.S. Securities and Exchange Commission
("SEC"). For these reasons, among others, investors are cautioned
not to place undue reliance upon any forward-looking statements in
this press release. Additional factors are discussed in the
Company's filings with the SEC, including under the section
entitled "Risk Factors" in its annual report on Form 20-F, as well
as on Form 6-K and other filings, all of which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
For investor and media inquiries, please contact:
IR Department
Email: secretary@meihuamed.com
Tel: +86-0514-89800199
Christensen
Yang Song
Email: yang.song@christensencomms.com
Tel: +86-010-59001548
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SOURCE Meihua International Medical Technologies Co., Ltd.