Press release from Marketwire
Hanfeng Evergreen Inc. Announces Acceptance by TSX of Renewal of Normal Course Issuer Bid
Thursday, December 15, 2011
TORONTO, ONTARIO--(Marketwire - Dec. 15, 2011) - Hanfeng Evergreen Inc. ("Hanfeng" or the "Company") (TSX:HF) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to Make a Normal Course Issuer Bid.
Under the Normal Course Issuer Bid ("NCIB"), Hanfeng proposes to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 3,596,188 common shares, being approximately 10% of Hanfeng's current public float (as defined in the regulations and policies of the TSX). As of November 30, 2011, Hanfeng had 60,653,516 common shares issued and outstanding. Purchases may commence through the TSX on December 16, 2011, and will conclude on the earlier of the date on which purchases under the bid have been completed and December 14, 2012. Daily purchases will be limited to 23,464 common shares, other than block purchase exceptions. All common shares purchased by Hanfeng will be cancelled.
Under the Company's previous NCIB which expired on December 3, 2011, Hanfeng purchased 771,291 of its common shares at an average weighted price of $3.71 per common share. All of the common shares purchased under the last NCIB have been cancelled.
The Company believes that the proposed purchases under the NCIB are in the best interests of Hanfeng's shareholders and are a desirable use of corporate funds. The Company's cash on hand as well as strong cash from operations will fund the bid program, as well as continue to support Hanfeng's expansion and growth opportunities.
About Hanfeng Evergreen Inc.
Hanfeng is a leading producer and supplier of value-added fertilizer solutions in emerging markets. It is the largest producer of slow and controlled release fertilizer in two of world's most significant agricultural markets: the People's Republic of China ("China") and the Republic of Indonesia. As the first company to introduce slow and controlled release fertilizers into China's agriculture market, Hanfeng has established itself both as a market leader and innovator. A Canadian Company, Hanfeng is headquartered in Toronto, Ontario and its shares trade on the Toronto Stock Exchange under the ticker HF.
This press release contains forward-looking statements based on current expectations. Forward looking statements include, without limitation, statements evaluating market and general economic conditions, and statements regarding growth strategy and future-oriented projected revenue, costs and expenditures. Actual results could differ materially from those projected and should not be relied upon as a prediction of future events. A variety of inherent risks, uncertainties and factors, many of which are beyond Hanfeng's control, affect the operations, performance and results of Hanfeng and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. Risks and uncertainties about Hanfeng's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada. Hanfeng undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or for any other reason. Readers are cautioned not to put undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Niral V. Merchant Hanfeng Evergreen Inc. Chief Financial Officer +1 (416) 368-8588 email@example.com www.hanfengevergreen.com
Kevin O'Connor Spinnaker Capital Markets Inc. Investor Relations +1 (416) 962-3300 firstname.lastname@example.org