www.QualityStocks.Net would like to highlight China Marine Food Group Ltd. (OTCBB: CMFO). The company processes and distributes processed seafood products, and fresh and frozen marine catch to five provinces in the PRC. Founded in 1994, China Marine has grown steadily and positioned its "Mingxiang" brand as a category leader in 1,300 retail sales points in the PRC.
In the company’s news Friday,
China Marine Food Group Ltd. (OTCBB: CMFO) announced that on Oct. 1 the company’s board of directors has set up a $3-million stock repurchasing program through March 31, 2010.
The amount and timing of specific repurchases are subject to market conditions, legal requirements and other factors deemed appropriate by the CEO and president, Pengfei Liu. Any repurchased shares will be retired to reduce the number of outstanding common stock, currently at 23 million shares.
“Repurchases may be in open-market transactions or through privately negotiated transactions, and the repurchase program may be expanded by the board of directors in the future,” a company news release states. With the buyback, the company has a “sufficient cash balance” to complete phases one and two of its plant expansion, set to begin in 2009.
“After careful consideration and evaluating a number of suitable investment opportunities, we believe an investment in our company has the potential to yield a significant return for our shareholders,” said Liu. “We currently maintain a strong balance sheet, with approximately $29 million in net cash and equivalents as of June 30, 2008, and are also cash flow positive from operations.”
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Forward-Looking Statement:
This release may contain 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 forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
