SHENZHEN, China, Nov. 17, 2011 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that its Board of Directors has approved the purchase of shares of the Company's common stock valued at up to approximately $2 million by the Company's chairman and chief executive officer, Mr. Jiang Huai Lin. The purchases will be made as part of an amendment to the repurchase program previously announced on September 16, 2011. As amended, the repurchase program allows for up to $7 million in total purchases by both the Company and Mr. Lin, to be allocated to allow for approximately $5 million in total purchases by the Company and approximately $2 million by Mr. Lin. Daily purchases under the amended repurchase program will be split between the Company and Mr. Lin consistent with these allocations.
Reaffirming confidence in the Company's long-term outlook, the Company has continued to execute its existing share repurchase program. As of November 16, 2011, the Company has repurchased a total of 255,433 shares of its common stock on the open market. As a result, on the same day there were 54,921,491 shares outstanding, approximately 40% of which were held by Mr. Lin.
Mr. Lin commented, "To reemphasize my commitment to the Company and my belief in its potentially strong future, I have decided to increase my equity holdings in the Company by purchasing up to $2 million of its common stock as part of its repurchase program."
About China Information Technology, Inc.
China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in geographic information systems (GIS), digital public security technology (DPST), and hospital information systems (HIS), as well as high-end digital display products and solutions in China. Headquartered in Shenzhen, China, the Company's integrated solutions include specialized software, hardware, systems integration, and related services to help its customers improve efficiency in information management. To learn more about the Company, please visit its corporate website at http://www.chinacnit.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the amount and timing of any purchases of the Company's common stock by the Company or its chairman and chief executive officer; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology 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 or persons acting on its 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.