Hanfeng Evergreen Inc. Announces Acceptance by TSX of Normal Course Issuer Bid
TORONTO - November 11, 2008 - Hanfeng Evergreen Inc. ("Hanfeng" or the "Company") (TSX: HF) announced today acceptance by the Toronto Stock Exchange (the "TSX") of Hanfeng's Notice of intention to Make a Normal Course Issuer Bid.
Under the normal course issuer bid, Hanfeng proposes to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 3,753,791 common shares, being approximately 10% of Hanfeng's current public float (as defined in the regulations and policies of the TSX). As of November 3, 2008, Hanfeng had 61,496,907 common shares issued and outstanding. Purchases may commence through the TSX on November 12, 2008, and will conclude on the earlier of the date on which purchases under the bid have been completed and November 11, 2009. All common shares purchased by Hanfeng will be cancelled. Daily purchases will be limited to 108,189 common shares, other than block purchase exceptions, from November 12, 2008 to March 31, 2009, and limited to 54,094 common shares, other than block purchase exceptions, from April 1, 2009 to November 11, 2009.
This will be Hanfeng's first issuer bid. There have been no previous purchases by Hanfeng of its common shares.
The Board of Directors of Hanfeng believes that the proposed purchases are in the best interests of Hanfeng's shareholders and are a desirable use of corporate funds. The Company's cash on hand as well as strong cash from operations will fund the bid program, as well as continue to support Hanfeng's expansion and growth opportunities.
About Hanfeng Evergreen Inc.
Hanfeng is the largest producer of slow and controlled release fertilizers in China. It was the first company to introduce the concept of slow and controlled release fertilizers into China's agriculture market with its establishment of the first commercial scale production in China. All production facilities are located in prime agricultural regions of China. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Stock Exchange.
For more information, please contact:
Madeline Haiying Yu, CA
Hanfeng Evergreen Inc.
Chief Financial Officer
Spinnaker Capital Markets
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Hanfeng's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars except for noted otherwise.