HARBIN, China, October 20, 2011 /PRNewswire-Asia/ -- China Linen Textile Industry, Ltd. (OTCQB: CTXIF) ("China Linen" or the "Company"), one of China's leading linen fabric and linen yarn producers and exporters, today announced that the executive management team, including the Chairman of the Board and Chief Executive Officer Ren Gao, Chief Financial Officer Jodie Zheng Wehner, Vice General Manager Yongfeng Ma have increased their ownership by approximately 70,000 shares or 1.2% of total outstanding shares purchased in the open market, at an average price of $2.42. Since China Linen is a foreign private issuer, its officers and directors are not subject to Section 16 of the Securities Act of 1934 and therefore are not required to file a Form 4 in connection with acquisitions of China Linen's stock.
"The purchases in the last quarter have been approved by the Board and reflect the shared confidence we have in China Linen's long-term opportunity to be one of the leading pure linen fabric providers in the world," Mr. Ren Gao, CEO and Chairman of China Linen commented. "We plan to consistently purchase in the coming quarters should China Linen's stock price stay at a deeply discounted value of our operations."
About China Linen Textile Industry, Ltd.
China Linen Textile Industry, Ltd. (www.chinalinentextile.com) is principally engaged in the production and sale of linen yarn and various types of linen fabric. The Company is also involved in consultation and R&D related to linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd. ("Lanxi Sunrise"), established in June 2002 and located in Lanxi County, the "Homeland of Flax in China," near Harbin City in China. Lanxi Sunrise has one yarn-spinning factory, one bleaching factory and two fabric weaving factories in its 35,120 square meters of building area with a staff of 1,400 and 430 sets of world-class, advanced production machinery. Annual production capacity totals approximately 2,220 tons with 50 different types of yarn and 10 million meters of fabric with 110 types. Approximately 50 percent of its products are exported to more than 10 countries.
Forward-looking statements: The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
For further information, contact:
China Linen Textile Industry, Ltd.
Jodie Zheng Wehner, CFO
Tel: +1-310-890-8048
Email: jodiewehner@chinalinentextile.com
Buddy Lee, IR manager
Tel: +86-137-9666-3210
Email: byl@chinalinentextile.com
