BEIJING, April 29, 2011 /PRNewswire-Asia-FirstCall/ -- Telestone Technologies Corporation (NASDAQ: TSTC) ("Telestone" or the "Company"), a leading developer and provider of telecommunications local-access networks in China, today announced that Mr. Daqing Han, Telestone's Chairman and Chief Executive Officer, has completed an initial purchase of 100,000 shares under his Rule 10b5-1 plan. In accordance with the plan, Mr. Han purchased 100,000 shares at an average price under $6.00 during this week.
On February 9, 2011, Telestone announced that its Chairman had adopted a plan under which he could purchase up to $5 million of the Company's stock during the following 12 months. The purchases are subject to restrictions on price, volume, timing, applicable legal requirements and other factors. Transactions under this plan will be disclosed publicly through filings with the Securities and Exchange Commission. As of March 28, 2011, Mr. Han beneficially owned approximately 3.2 million shares of common stock of the Company, representing aggregate ownership of 26.4% of the outstanding common stock.
"I continue to believe that Telestone's shares are attractively valued and have put my own money to work in support of my belief," commented Mr. Han. "I have strong confidence in the future of Telestone and our long-term commitment to increasing shareholder value and I am pleased with my initial, additional investment in Telestone shares."
About Telestone Technologies Corporation
Telestone is a leader and innovator in wireless local-access network technologies and solutions. The company has a global presence, with 30 sales offices throughout China and a network of international branch offices and sales agents. For more than 10 years, Telestone has installed radio-frequency (RF)-based 1G and 2G systems throughout China for its leading telecommunications companies. After intensive research on the needs of carriers in the 3G age, Telestone developed and commercialized its proprietary third-generation local-access network technology, WFDS(TM) (Wireless Fiber-optic Distribution System), which provides a scalable, multi-access local access network solution for China's three cellular protocols. Telestone also offers services including project design, manufacturing, installation, maintenance and after-sales support. The Company has approximately 1,200 employees.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Telestone Technologies Corporation and its subsidiary companies. Forward looking statements can be 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, including all business uncertainties relating to product development, marketing, specific customers, market acceptance, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. Telestone Technologies is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Telestone Technologies Corporation
Ms. Yue Zhai, Secretary of the Board
Phone: +86-10-6860 8335 x1105
Ms. Julia Yuan, Investor Relations Associate
Phone: +86-10-6860-8335 x1115
Investor Relations Contact:
CCG Investor Relations
Mr. John Harmon, CFA, Sr. Account Manager
Phone: +86-10-6561-6886 x807 (Beijing)
SOURCE Telestone Technologies Corporation