L&L Energy Announces Stock Buyback Program
Press Release : L & L Energy, Inc. – 1 hour 13 minutes ago SEATTLE, May 21, 2012 /PRNewswire/ -- L & L Energy, Inc. ( $LLEN ) ("L&L or the Company"), a U.S. company with a five-year track record of profitable businesses, announced today that over the next 12 months the Company plans to begin a discretionary stock buyback program, purchasing up to $10 million of outstanding LLEN shares from the open market.
On May 18, 2012, LLEN shares closed at $1.38 representing an approximate 52% reduction in the Company's market value since April 5, 2012. During the same period, the Company's strategy and growth remains on track and the Company is not aware of any business reasons for the price decline.
In view of the perceived price and strength mismatch, the Company views it opportune to enhance the return to shareholders. Under the buyback all purchased stock will be retired, reducing the Company's outstanding shares and raising the attributable profit per unit to the shareholders.
The Company and insiders are currently prohibited from buying LLEN shares, as the Company's fiscal year has just ended on April 30, 2012. L&L's Audit Committee unanimously approved the Company's buyback and management is working with advisors to ensure all securities requirements are met prior to a repurchase and purchase by insiders, including the Company's founder, who has indicated a desire to acquire LLEN shares.
FOURTH QUARTER FY2012
Year end financial statements are currently being compiled and targeted for release in mid-July. Twelve months of earnings and operational profits from the recently sold Ping Yi Mine, attributable to FY2012, will be included in the year end results. The Company will incur no loss from the sales transaction.
Forward Looking Statements
The statements contained words that are not historical fact, including statements related to Company's future performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and that involve a number uncertainties. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contacts:
L&L Energy, Inc.
(206) 264-8065
ir@llenergyinc.com
