China Medicine Announces Stock Repurchase Plan
China Medicine Corporation (OTCBB: CHME), a leading manufacturer, developer and distributor of Western pharmaceuticals, traditional Chinese medicines, and other health products, announced today that its board of directors authorized a stock repurchase program.
The program authorizes a buyback of the company's common stock up to a value of $2.0 million. The authorization is valid through July, 2011. The program utilizes funds currently held in the escrow account pursuant to the company's agreement with its principal shareholder, OEP CHME Holdings, LLC, an affiliate of One Equity Partners, the private equity arm of JP Morgan, dated January 28, 2010.
At current price levels $2.0 million equals roughly 806,000 shares or 3.95% of the outstanding shares.
SOURCE: China Medicine Corporation
