The company or CEO isn't going to be buying back shares, especially since they didn't use the opportunity to do so wayyyyy down lower. Their claim to a $2 million share buyback is total B.S., no different than what many other China small-caps have done. This is one short position I'd be totally comfortable in if I had been able to short the number of shares I wanted to.
On a side note, made out nicely on my LOCM shares today. Sold half at $2.82 and looking to buy them back at some point.