ZHONGSHAN, China, August 16, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that its Board of Directors has approved a share repurchase program, effective immediately.
Under the program, Ming Yang is authorized to repurchase up to US$50 million worth of issued and outstanding American Depositary Shares ("ADSs") in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under Untied States securities regulations. The share repurchase program will be funded by the Company's available working capital. As of June 30, 2011, the Company had cash and cash equivalents of approximately US$265.6 million.
"This program reaffirms our confidence in the long-term growth of the Company," said Chuanwei Zhang, Chairman and CEO of Ming Yang. "We believe our ADSs are currently undervalued, and the share repurchase program not only represents a good investment for our company, but also demonstrates our commitment to increase shareholder value."
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and fast-growing wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and low energy production costs and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyn Energiesysteme, one of the world's leading wind turbine design firms based in Germany, to develop wind turbines and share intellectual property rights. Ming Yang's key customers include the five largest state-owned power producers in China, with an aggregate installed capacity accounting for more than 55% of China's newly installed capacity in 2010. For further information, please visit the Company's website: http://ir.mywind.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "goal,""strategy" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Ming Yang's control, which may cause Ming Yang's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Ming Yang's filings with the U.S. Securities and Exchange Commission. Ming Yang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For investor and media inquiries, please contact:
Investor and Media Contacts: | ||
China Ming Yang Wind Power Group Limited | ||
Calvin Lau Phone: + 86 760 2813 8898 Email: calvin.lau@mywind.com.cn http://ir.mywind.com.cn | ||
Fleishman-Hillard | ||
New York Kristen Lewko Phone: + 1 212 453 2212 Email: hkg.mingyang@fleishman.com | Hong Kong Pamela Leung Phone: + 852 2530 0228 Email: hkg.mingyang@fleishman.com | |
