New Energy Systems Group Announces Management Buyback Update
SHENZHEN, China, July 13, 2011 /PRNewswire-Asia-FirstCall/ -- New Energy Systems Group (NYSE Amex: NEWN) ("New Energy" or the "Company"), a vertically-integrated original design manufacturer and distributor of lithium ion batteries and consumer branded backup power systems, today announced that the Company's senior management team has purchased approximately $300,000 of stock of the Company to date with personal funds.
On April 1, 2011, the Company's senior management team (including its Chairman, CEO and CFO) announced their intentions to purchase approximately $1 million of the Company's common stock in the open market. Through July 13, 2011, Mr. Yu has purchased approximately $200,000 of stock at an average price of $3.45 per share. Junfeng Chen, our CFO, has purchased approximately $100,000 of stock at an average price of $3.39 per share. Currently, the purchase of additional shares of stock of the Company by Mr. Yu and other members of the senior management team is subject to the Company's black-out period while the Company prepares its second quarter 2011 financial filings. The Company's black-out period will terminate at the end of the first full trading day after the Company reports its second quarter results in mid-August.
"I remain extremely confident in our future growth prospects," said New Energy Chairman Weihe Yu. "That is why I am using my personal funds, along with other executives on the management team, to purchase our stock at compelling prices. Over time, I believe more investors will realize the significant investment opportunity in our stock. In the meantime, our management team remains focused on executing our growth strategy."
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original design manufacturer and distributor of lithium ion batteries and backup power systems for leading manufacturers of mobile phones, laptops, digital cameras, MP3s and a variety of other portable electronics. The Company's end-user consumer products are sold under the Anytone® brand in China while it's commercial and OEM batteries and battery components are sold under New Power and E'Jenie. The fast pace of new mobile device introductions in China combined with a growing middle class make it fertile ground for New Energy's end-user consumer products, as well as its high powered, light weight lithium ion batteries. In addition to historically strong organic growth, New Energy is expected to benefit from economies of scale, broader distribution and higher profit margins in 2011. Additional information about the company is available at: www.newenergysystemsgroup.com.
Forward Looking Statements
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. 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 (www.sec.gov). All forward-looking statements attributable to the Company or to 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.
For more information, please contact:
New Energy Systems Group
Ken Lin, VP of Investor Relations
HC International, Inc.
John Mattio, SVP
Tel: US +1-212-301-7130
SOURCE NF Energy Saving Corporation