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Acorn Announces Extension of Share Repurchase Program
Friday, December 05, 2008
SHANGHAI, China, Dec. 5 /PRNewswire-Asia-FirstCall/ -- Acorn International,
Inc. (NYSE: ATV) ("Acorn", or the "Company"), a leading integrated multi-
platform marketing company in China engaged in developing, promoting and
selling consumer products and services, today announced that its board of
directors (the "Board"), has approved the extension, until May 31, 2009, of
its share repurchase program previously authorized in December 2007. The
share repurchase program, which expired in September 2008, originally allowed
for the repurchase of up to US$30 million of Acorn's American Depositary
Shares, or ADSs. To date, the Company has repurchased a total of 2.5 million
of its ADSs at a combined cost of approximately US$22.5 million, with a
balance of approximately US$7.5 million available for further repurchases
under the repurchase plan.
"The Board's decision to resume the share repurchase program emphasizes
its confidence in the future of our company," said James Hu, Chairman and
Chief Executive Officer of Acorn. "We remain committed to improving
shareholder value and we believe we have sufficient cash to complete this
share repurchase program while continuing to invest in our future."
The additional repurchases will be made from time to time on the open
market at prevailing market prices, in negotiated transactions off the market,
in block trades, pursuant to a 10b5-1 plan (which if adopted, will allow Acorn
to repurchase its ADSs during periods in which it may be in possession of
material non-public information) or otherwise. The purchases will be made
subject to restrictions relating to volume, price and timing. The timing and
extent of any purchases will depend upon market conditions, the trading price
of our ADSs and other factors. The repurchase program is expected to continue
over the next six months unless further extended or shortened by the Board.
About Acorn
Acorn is a leading integrated multi-platform marketing company in China,
operating China's largest TV direct sales business in terms of revenues and TV
air time and a nationwide off-TV distribution network. Acorn's TV direct
sales platform consists of airtime purchased from both national and local
channels. In addition to marketing and selling through its TV direct sales
programs and its off-TV nationwide distribution network, Acorn also offers
consumer products and services through catalogs, outbound telemarketing center
and an ecommerce website. Leveraging its integrated multiple sales and
marketing platforms, Acorn has built a proven track record of developing and
selling proprietary-branded consumer products, as well as products and
services from established third parties.
For more information, please visit http://www.chinadrtv.com .
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements," including, among
other things, Acorn's anticipated repurchase of its ADSs and the expected
duration of the repurchase program. Acorn may repurchase all remaining $7.5
million of its ADSs, or no ADSs, or any amount in between, and lengthen or
shorten the repurchase period, depending on the trading price of its ADSs,
which may be positively or negatively impacted by the repurchase program,
market conditions, determinations following the date of this announcement to
use such funds for other purposes, or for other reasons. These forward-
looking statements are not historical facts but instead represent only our
belief regarding future events, many of which, by their nature, are inherently
uncertain and outside of our control.
Other factors that could cause forward-looking statements to differ
materially from actual future events or results include risks and
uncertainties related to: our ability to successfully introduce new products
and services, including to offset declines in sales of existing products and
services; our ability to stay abreast of consumer market trends and maintain
our reputation and consumer confidence; continued access to and effective
usage of TV advertising time and pricing related risks; relevant government
policies and regulations relating to TV media time and TV direct sales
programs, including actions that may make TV media time unavailable to us or
require we suspend or terminate a particular TV direct sales program; our
reliance on and ability to effectively manage our nationwide distribution
network; potential unauthorized use of our intellectual property; potential
disruption of our manufacturing process; increasing competition in China's
consumer market; and general economic and business conditions in China.
Acorn believes these forward-looking statements are reasonable; however,
you should not place undue reliance on forward-looking statements, which are
based on current expectations and speak only as of the date of this release.
Acorn undertakes no obligation to publicly release any revisions to
forward-looking statements to reflect events after the date of this release.
For further information, please contact:
Acorn International, Inc.
Chen Fu, Director of Investor Relations
Tel: +86-21-5151-8888 x2228
Email: ir@chinadrtv.com
PRChina
Jane Liu
Tel: +852-2522-1838
Email: jliu@prchina.com.hk
Henry Chik
Tel: +852-2522-1838
Email: hchik@prchina.com.hk
SOURCE Acorn International, Inc.
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