DANYANG, China, March 23, 2011 /PRNewswire-Asia/ -- Lihua International, Inc. (Nasdaq: LIWA) ("Lihua" or the "Company"), a leading Chinese developer, designer, and manufacturer of low cost, high quality alternatives to pure copper products, including refined copper products and superfine and magnet wire, today announced that it has begun repurchasing shares under its $15 million stock buyback program under which the Company plans to utilize its cash on hand and operating cash flow for the repurchase of shares through January 26, 2012.
As of the close of trading on Tuesday, March 22, 2011, the Company had purchased approximately 55,500 shares at an average price of $9.61 through open market transactions.
The Company is currently working with its financial institutions to ensure efficient and adequate conversion of Chinese Renminbi to U.S. Dollars to fund the continued execution of the repurchase program. Lihua plans to update investors on the status of the repurchase program on a quarterly basis, in conjunction with the release of its financial results and filing of its quarterly and annual reports with the SEC.
About Lihua International, Inc.
Lihua, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing copper wire and copper replacement product market. Lihua is one of the first vertically integrated companies in China to develop, design and manufacture lower cost, high quality alternatives to pure copper magnet wire and pure copper alternative products. Lihua's products include refined copper products and superfine wires. Current product offerings include copper anode and copper rod, CCA and copper wire. Except for CCA wire, all other products are produced from recycled scrap copper. Lihua's products are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in a wide variety of industries including the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. For more information, visit: http://www.lihuaintl.com.
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Safe Harbor Statement
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions including availability of copper or recycled scrap copper, future operating results of the Company, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.
Please note that information in this press release reflects management views as of the date of issuance.
Lihua International, Inc.
EVP of Corporate Finance and Director of Investor Relations
The Piacente Group, Inc.
Brandi Floberg or Lee Roth
SOURCE Lihua International, Inc.