CHCL ANNOUNCES MASSIVE STOCK REPURCHASE--
(PR NEWSWIRE) China Continental Board Approves Buy Back of Stock
China Continental Board Approves Buy Back of Stock
HONG KONG, Feb. 18 /PRNewswire/ -- China Continental, Inc.
(OTC Bulletin Board: CHCL) announced that its Board of Directors approved a
Stock Buy Back Program aimed at enhancing shareholders value by approving a
buy back of up to 25% of the Company's common stock over the next twelve
months.
"This is a logical move because China Continental currently has surplus
capital and a line of credit of over US$100 million. When this is coupled
with a share value that is far below traditional criterions of value, the
interests of the shareholders are best served by a repurchase of shares," said
Mr. Harry H.H. Ho, Chairman of China Continental, Inc. "By focusing on an
expansion of the business and reducing the outstanding shares, management
hopes to optimize returns for its investors."
China Continental's stock gained 28 cents to close at $1.625 yesterday.
About China Continental, Inc.
China Continental, Inc., traded on the OTC Bulletin Board market since
1995, is a holding company with over ten years of experience in developing
turnkey businesses. Core activities include supplying manufacturing
technology on a turnkey basis, high technology manufacturing techniques in
primary industries, and developing and providing technologies in agricultural
genetics and farming. The Company's agricultural genetics and farming
activities are centralized in the Inner Mongolia Province of China, covering
an area of 406 square kilometers to commercialize its genetic techniques in
breeding as well as propagating superior livestock and products in its own
Research and Development Institute.
Safe Harbor Statement
Except for the historical statements made herein, the statements made in
this release are forward-looking statements, including "management hopes to
optimize returns for its investors." Risk factors that could cause actual
results to differ materially from those projected in forward-looking
statements include, but are not limited to, the Company's ability to finalize
the terms of the MTN, capitalize on diversification opportunities, government
approvals, financing, general business conditions, managing growth, and
political and other business risks. Although the Company believes that the
forward-looking statements contained herein are reasonable, it can give no
assurance that the Company's expectations are correct. All forward-looking
statements are expressly qualified in their entirety by this Cautionary
Statement and the risks and other factors detailed in the Company's reports
filed with the Securities and Exchange Commission.
SOURCE China Continental, Inc.
-0- 02/18/2000
/CONTACT: Investor Relations, Harvey A. Goralnick of FOCUS Partners LLC,
212-752-9445, or chcl@focuspartners.com, for China Continental, Inc./
(CHCL)
CO: China Continental, Inc.
ST: China
IN: BIO
SU:
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