eFuture Information Technology (EFUT) Reports Results from Annual Shareholders Meeting, $2M Buyback Plan
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eFuture Information Technology Inc. (Nasdaq: EFUT) is pleased to announce the results of its 2011 Annual General Meeting of Shareholders held on December 20, 2011.
All of the proposals submitted for shareholder approval at the Meeting were duly passsed, including authorization for the Company to repurchase up to US$2 million worth of its ordinary shares over the next 12 months.
The share repurchase program ("the Program") allows eFuture to make one or more purchases, on the open market or in privately negotiated transactions, of up to US$2 million worth of its issued and outstanding ordinary shares. This Program will expire on December 20, 2012 unless extended or shortened by the Board of Directors in its discretion. The Program will be funded with the Company's available working capital. As of September 30, 2011, the Company had cash and cash equivalents of RMB51.0 million (US$8.0 million).
All of the proposals submitted for shareholder approval at the Meeting were duly passsed, including authorization for the Company to repurchase up to US$2 million worth of its ordinary shares over the next 12 months.
The share repurchase program ("the Program") allows eFuture to make one or more purchases, on the open market or in privately negotiated transactions, of up to US$2 million worth of its issued and outstanding ordinary shares. This Program will expire on December 20, 2012 unless extended or shortened by the Board of Directors in its discretion. The Program will be funded with the Company's available working capital. As of September 30, 2011, the Company had cash and cash equivalents of RMB51.0 million (US$8.0 million).
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