Pansoft Announces Share Repurchase Program
JINAN, CHINA--(Marketwire - 10/29/10) - Pansoft Company Limited (NASDAQ:PSOF - News) ("Pansoft" or the "Company"), a leading ERP software service provider for the oil and gas industry in China, today announced that its Board of Directors has authorized a share repurchase program under which the Company may acquire up to U.S. $1 million of its common shares from time to time over the next 3 months. Repurchases will be made on the open market at prevailing market prices or in block trades and subject to restrictions relating to price, volume, and timing. Pansoft's board has authorized its management to fund the repurchases from its available cash balance, which was $2.7 million as of June 30, 2010. In addition, Pansoft had approximately $7.4 million classified as short-term investments as of June 30, 2010.
"Given strong market demand, our aggressive growth and acquisition plans, solid financial results, and a strong balance sheet, we believe the repurchase program is an efficient use of our cash reserve and reflects our strong belief in the long-term opportunity and value of PSOF," said Mr. Hugh Wang, Pansoft's Chairman. "We are committed to enhancing shareholder value and remain confident about the growth and outlook for our business. With our new acquisitions and partnerships, we have expanded our solutions platform and geographic coverage as a part of our aggressive growth strategy."
About Pansoft Company Limited
Pansoft is a leading enterprise resource planning ("ERP") software and professional services provider for the oil and gas industry in China. Its ERP software offers comprehensive solutions in various business operations including accounting, order processing, delivery, invoicing, and inventory control and customer relationship management. For more information, visit pansoft.com |
