Mindray Announces Up to $200M Share Repurchase Program
Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that its Board of Directors has approved a share repurchase program. The program is authorized to be in effect starting from today and will last through the next nine months.
Under the program, Mindray is authorized to repurchase up to US$200 million worth of its issued and outstanding ordinary American Depositary Shares ("ADSs") on the NYSE Euronext at prevailing market prices from time to time over the next nine months in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended ("Rule 10b-18"). The Company expects to use cash, internally generated funds, and/or bank borrowings to finance the repurchase.
Repurchases will be made at management's discretion, subject to restrictions on price, volume, and timing. The timing and extent of any purchases will depend upon market conditions and the trading price of its ADSs, as well as other factors. The repurchase program does not obligate Mindray to make repurchases at any specific time or situation. Mindray's Board will periodically review the share repurchase program and may authorize adjustments to the program's terms and size. The share repurchase program may also be suspended or discontinued at any time.
"Mindray is always committed to bringing values to our stockholders and we view this buyback program as a proper way to deliver value to them," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We are confident in executing our corporate strategy and attaining long-term growth for Mindray."
We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain our global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China, we supply through our worldwide distribution network a broad range of products across three primary business segments, namely patient monitoring and life support, in-vitro diagnostic, and medical imaging systems. For more information, please visit http://ir.mindray.com.
Forward Looking Statements
This press release contains "forward-looking statements," including, among other things, Mindray's anticipated repurchase of up to $200 million of its ADSs and the expected duration of the repurchase program, and the statement that Mindray may repurchase all US$200 million worth of ADSs, or no ADSs, or any amount in between, and lengthen or shorten the repurchase period, depending on the trading price of its ADSs, which may be positively or negatively impacted by the repurchase program, market conditions, determinations following the date of this announcement to use such funds for other purposes, or for other reasons; that Mindray expects to use cash, internally generated funds, and/or bank borrowings to finance the repurchase; that Mindray's Board will periodically review the share repurchase program and may authorize adjustments to the program's terms and size; that the share repurchase program may also be suspended or discontinued at any time; and that Mindray will achieve long-term growth. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. For a discussion of important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 5 of our 2012 Annual Report filed with the Securities and Exchange Commission on April 8, 2013. We undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release. Such information speaks only as of the date of this release.
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