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HONG KONG, Nov. 21 /PRNewswire-FirstCall/ -- Euro Tech Holdings Company
Limited (Nasdaq: CLWT) today announced that its Board of Directors has
approved a program to repurchase up to 300,000 shares of its issued and
outstanding stock by December 31, 2009. This gives Euro Tech the ability to
purchase the stock in the open market or through negotiated or block
transactions from time to time based on market and business conditions over
the next 13 months.
"The Board has a high degree of confidence in Euro Tech's future and
believes that this expectation is not reflected in the current stock price
which is also much lower than our net asset value on a per share basis,"
stated T.C. Leung, Chairman and CEO of Euro Tech. "Purchasing our shares, amid
global financial meltdown, allows us to demonstrate our confidence and we
believe it is an appropriate investment of Euro Tech's excess cash. We believe
that we will have cash on hand after the repurchase for our day-to-day
business operations and planned projects."
Certain statements in this news release regarding the Company's
expectations, estimates, present view of circumstances or events, and
statements containing words such as estimates, anticipates, intends, or
expects, or words of similar import, constitute forward looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements indicate uncertainty and the Company can give no assurance
with regard to actual outcomes. Specific risk factors may include, without
limitation, having the Company's offices and operations situated in Hong Kong
and China, doing business in China, competing with Chinese manufactured
products, competing with the Company's own suppliers, dependence on vendors,
and lack of long term written agreements with suppliers and customers,
development of new products, entering new markets, possible downturns in
business conditions, increased competition, loss of significant customers,
availability of qualified personnel, negotiating definitive agreements, new
marketing efforts and the timely development of resources. See the "Risk
Factor" discussions in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 20-F for its fiscal year ended
December 31, 2007.
CONTACT:
Euro Tech Holdings Company Limited, Hong Kong
T.C. Leung, Chairman and CEO, or Jerry Wong, CFO
Tel: +852-2814-0311
Fax: +852-2873-4887
Website: http://www.euro-tech.com
SOURCE Euro Tech Holdings Company Limited
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