Euro Tech Holdings Company Limited Announces Plan for Reverse Stock Split
HONG KONG, Sept. 19, 2011 /PRNewswire-Asia/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today announced that although the continuously poor market price of the company's shares is not reflective of the true value contained in the company's business units, to address this issue, the company has recently engaged legal advisors to prepare a reverse stock split plan to be approved by the board of directors. The details of the plan will be announced after consultation with financial and legal advisors.
The company believes this is the best long-term interest of the company and its shareholders.
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2010.
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or Jerry Wong, CFO
SOURCE Euro Tech Holdings Company Limited