Telestone Technologies' Chairman Announces $5 Million Share Stock-Purchase Plan

BEIJING, Feb. 9, 2011 /PRNewswire-Asia-FirstCall/ -- Telestone Technologies Corporation (Nasdaq: TSTC) ("Telestone" or the "Company"), a leading developer and provider of telecommunications local access networks in China, today announced that Mr. Daqing Han, the Company's Chairman and Chief Executive Officer, has adopted a Rule 10b5-1 plan under which he can purchase up to $5 million worth of the Company's shares of Telestone's common stock.

This plan was adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Under the plan, Mr. Han may purchase up to $5 million of the Company's outstanding shares from time to time over the next 12 months. The share purchases will be made in open-market transactions on the NASDAQ at prevailing market prices, in negotiated transactions off the market, or in block trades.

The purchases will be made subject to restrictions on price, volume, and timing, applicable legal requirements and other factors. Transactions under this plan will be disclosed publicly through filings with the Securities and Exchange Commission. As of November 30, 2010, Mr. Han beneficially owned approximately 3.2 million shares of common stock of the Company, representing an ownership of 26.4%.

Mr. Han commented, "My decision to acquire additional Telestone shares reflects my belief that that our Company's shares are attractively valued. I have strong confidence in the future of Telestone and our long-term commitment to increasing shareholder value, and I am therefore investing my own money in Telestone shares."

About Telestone Technologies Corporation

Telestone is a leader and innovator in wireless local-access network technologies and solutions. The company has a global presence, with 30 sales offices throughout China and a network of international branch offices and sales agents. For more than 10 years, Telestone has installed radio-frequency (RF)-based 1G and 2G systems throughout China for its leading telecommunications companies. After intensive research on the needs of carriers in the 3G age, Telestone developed and commercialized its proprietary third-generation local-access network technology, WFDS(TM) (Wireless Fiber-optic Distribution System), which provides a scalable, multi-access local access network solution for China's three cellular protocols. Telestone also offers services including project design, manufacturing, installation, maintenance and after-sales support. The Company has approximately 1,200 employees.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of Telestone Technologies Corporation and its subsidiary companies. Forward looking statements can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, specific customers, market acceptance, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. Telestone Technologies is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

SOURCE Telestone Technologies Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED