SOURCE: Pansoft Company Limited

March 14, 2011 06:13 ET

Pansoft Extends Share-Repurchase Program

JINAN, CHINA--(Marketwire - March 14, 2011) - Pansoft Company Limited (NASDAQ: PSOF)  ("Pansoft" or the "Company"), a leading ERP software service provider for the oil and gas industry in China, today announced that the Company has extended the stock repurchase program announced in October 2010 for an additional indefinite period.

On October 29, 2010, Pansoft announced that its Board of Directors had authorized a share repurchase program, under which the Company could acquire up to $1 million of its common shares over the following 3 months. Through January 28, 2011, Pansoft repurchased 69,400 common shares, for a total value of approximately $296,915, through open-market repurchases. These purchases represent an average price of $4.28 per share. On March 1, the Board of Directors extended the program for an indefinite period. The shares were repurchased in accordance with Rule 10b-18, and they will be used to fund the ITLamp acquisition.

"Extending our share-repurchase program illustrates our commitment to drive long-term value for our shareholders. We remain confident in the long-term growth potential of our company and our ability to generate positive cash flow," said Mr. Hugh Wang, Pansoft's Chairman.

About Pansoft Company Limited

Pansoft is a leading enterprise resource planning ("ERP") software and professional services provider for the oil and gas industry in China. Its ERP software offers comprehensive solutions for various business operations including accounting, order processing, delivery, invoicing, inventory control, and customer relationship management. For more information, go to Pansoft's website at http://www.pansoft.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements concerning Pansoft Company Limited, which include but are not limited to, statements regarding Pansoft's ability to expand its service offerings and maintain leadership as a provider of ERP software and services for the oil and gas industry in China. The actual results may differ materially depending on a number of risk factors including but not limited to, the following: general economic and business conditions, development, shipment and market acceptance of products, additional competition from existing and new competitors, changes in technology or product techniques, the Company's ability to successfully integrate acquisitions, its ability to repurchase shares, share-repurchase plans, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. Pansoft Company Limited undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Contact Information

  • Company Contact:
    Pansoft Company Limited
    Allen Zhang
    Chief Financial Officer
    Phone: +86-531-8887-1159
    E-mail: allen.zhang@pansoft.com

    Investor Contact:
    CCG Investor Relations
    Mr. John Harmon
    CFA, Sr. Account Manager
    Phone: +86-10-6561-6886 Ext. 807 (Beijing)
    E-mail: john.harmon@ccgir.com