"We are delighted to welcome Jackie to ChinaCache as our new CFO," continued Mr. Wang. "Jackie's knowledge and deep experience in finance both as a CFO as well as on the buy-side will be extremely valuable to ChinaCache as we continually improve our corporate governance as well as communications with investors. With strong visibility across our vertical markets and a strong new customer pipeline, we will continue to recruit top industry talent to help us build upon our clear market leadership."
The Company also announced that Mr. Song Wang intends to use personal funds to purchase up to $1 million of the Company's American Depositary Shares ("ADSs"). Mr. Wang plans to use the repurchased ADSs to award key ChinaCache employees as part of their overall incentive packages, subject to completing necessary legal procedures. The ADSs will be purchased in open market transactions during the six month period commencing from the date of this announcement, pursuant to a Rule 10b5-1 plan and subject to the restrictions of and consistent with the Company's securities trading policy.
Additionally, the Company's board of directors has authorized a share repurchase program, under which the Company may repurchase up to $10 million of issued and outstanding ADSs from the open market or in block trades. The Company's repurchases will be made on the open market at prevailing market prices or in block trades and subject to restrictions relating to volume, price and timing during the twelve-month period commencing from the date of this announcement, pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing and extent of any purchases will depend upon market conditions, the trading price of the Company's ADSs and other factors. The Company expects to implement this share repurchase program in a manner consistent with market conditions and the interest of the shareholders. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. The Company plans to fund repurchases made under this program from its available cash balance