SHENZHEN, CHINA / ACCESSWIRE / November 10, 2016 / China Information Technology, Inc. (Nasdaq: CNIT), a growing provider of cloud-app technologies for Internet-of-Things (IoT) platforms, digital advertising delivery and other internet-based information distribution systems throughout China, today announced that the company's chairman and chief executive officer, Mr. Jianghuai Lin, has adopted a share purchase plan to purchase up to $1 million worth of the company's ordinary shares (the "Repurchase Plan"). The Repurchase Plan has been adopted in accordance with guidelines specified by Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
The share purchases by Mr. Lin will be executed through a broker during a twelve-month period subject to legal requirements, prevailing market conditions and other factors, said CNIT. In accordance with the 10b5-1 rules, Mr. Lin will have no discretion over the purchase of shares under the Repurchase Plan.
"This share purchase decision is based purely on my belief in CNIT's positive future," said Mr. Lin. "As the company's transition to a leading cloud-app technologies provider progresses, I believe CNIT will begin demonstrating the strong revenue growth and improving margins we have long planned for."
As of June 30, 2016, CNIT had approximately 40.2 million shares outstanding, 37.7% of which were held by Mr. Lin.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE: China Information Technology, Inc.