ROSLYN, N.Y., Oct. 30, 2015 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global" or the "Company"), a Virginia company engaged in shipping, chartering, logistics and related services, announced today that it has commenced open market purchases under the Company's share repurchase program announced on October 13, 2015. During the period October 22 through 28, 2015, Sino-Global purchased approximately 8.2% of the shares traded at an average price of $0.84 per share.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented: "We began this program less than three weeks ago because we believe Sino-Global's current stock price does not reflect the Company's true value, giving us an opportunity to reacquire shares in the market at a favorable price for the benefit of our continuing investors."
The Company will continue to repurchase shares on the open market, subject to market conditions and at management's discretion. For the quarter ending December 31, 2015, Sino-Global intends to repurchase up to $100,000 of its common stock. Thereafter Sino-Global may repurchase an aggregate value of shares per quarter equal to 10% to 15% of the Company's quarterly net income for which the most recent quarterly or annual report has been filed. The Company will cooperate with a licensed broker to administer the plan in compliance with the safe harbor provided by Rule 10b-18. The program is set to continue until October 11, 2016.
About Sino-Global Shipping America, Ltd. Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged in shipping, chartering, logistics and related services. Headquartered in New York, Sino-Global has offices in Mainland China, Australia, Canada and Hong Kong. The Company's current service offerings consist of shipping agency services, shipping and chartering services, inland transportation management services and ship management services.
Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.com.
Forward Looking Statements Any statements and/or other information contained in this release that relate, directly and/or indirectly, to future plans, events or performance of the Company are forward-looking statements that involve risks, and uncertainties some of which are identified in Sino-Global's filings with the Securities and Exchange Commission. Actual results, events or performance of the Company and such other about mentioned events may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. Sino-Global undertakes no obligation to publicly release or otherwise disclose the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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SOURCE Sino-Global Shipping America, Ltd.