BEIJING, Dec. 22, 2011 (GLOBE NEWSWIRE) -- eFuture Information Technology Inc. (Nasdaq:EFUT) ("eFuture" or the "Company"), a leading provider of software and services in China's retail and consumer goods industries, is pleased to announce the results of its 2011 Annual General Meeting of Shareholders (the "Meeting") held on December 20, 2011. All of the proposals submitted for shareholder approval at the Meeting were duly passsed, including authorization for the Company to repurchase up to US$2 million worth of its ordinary shares over the next 12 months.
The voting results on the items submitted for shareholder approval were as follows:
1. PROPOSAL 1: Election of Directors a. To elect three Class III directors to serve until the annual meeting of shareholders in 2014 or until their successors are duly elected and qualified. The Class III nominees who received a plurality of the vote were Adam Yan, Deliang Tong and John Dai, who were thereby elected to the board of directors. The tabulation of the voting results is as follows: Nominee For Authority Withheld Adam Yan 2,002,429 172,114 Deliang Tong 2,005,849 168,694 John Dai 1,904,321 270,222 2. PROPOSAL 2: Approval of the 2011 Share Incentive Plan a. To approve the Company's 2011 Share Incentive Plan. The proposal was approved by a majority vote of 80.57% of the votes cast. The tabulation of the voting results is as follows: For Against Abstain Broker Non-Votes 1,752,100 414,643 7,800 0 3. PROPOSAL 3: Approval of the Ordinary Share Repurchase Program a. To approve the implementation of an ordinary share repurchase program. The proposal was approved by a majority vote of 98.16% of the votes cast. The tabulation of the voting results is as follows: For Against Abstain Broker Non-Votes 2,134,656 39,587 300 0
The share repurchase program ("the Program") allows eFuture to make one or more purchases, on the open market or in privately negotiated transactions, of up to US$2 million worth of its issued and outstanding ordinary shares. This Program will expire on December 20, 2012 unless extended or shortened by the Board of Directors in its discretion. The Program will be funded with the Company's available working capital. As of September 30, 2011, the Company had cash and cash equivalents of RMB51.0 million (US$8.0 million).
Commenting on the Program, Chairman and Chief Executive Officer Adam Yan said, "We believe that current share price levels do not fully reflect eFuture's ability to continue capitalizing on opportunities within China's buoyant retail and consumer goods industry. The authorization of this share repurchase program allows us to return value to shareholders while continuing to execute on our business expansion plans, and represents a prudent use of capital."
Management's presentation from the Meeting and additional information about the Company are available on the Investor Relations section of the Company's website at http://www.e-future.com.cn.
About eFuture Information Technology Inc.
eFuture Information Technology Inc. (Nasdaq:EFUT) is a leading provider of software and services in China's rapidly growing retail and consumer goods industries. eFuture provides integrated software and services to manufacturers, distributors, wholesalers, logistics companies and retailers in China's front-end supply chain (from factory to consumer) market, especially in the retail and fast moving consumer goods industries. For more information about eFuture, please visit http://www.e-future.com.cn.
Safe Harbor
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, 2012 financial outlook and quotations from management in this announcement, as well as strategic and operational plans, contain forward-looking statements. eFuture may also make written or oral forward-looking statements in periodic reports to the Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: eFuture's anticipated growth strategies; eFuture's future business development, results of operations and financial condition; expected changes in the Company's revenue and certain cost or expense items; eFuture's ability to attract clients and leverage its brand; trends and competition in the software industry; the Company's ability to control expenses and maintain profit margins; the Company's ability to hire, train and retain qualified managerial and other employees; the Company's ability to develop new software and pilot new business models at desirable locations in a timely and cost-effective manner; the performance of third parties under contracts with the Company; the expected growth of the Chinese economy software market in retail and consumer goods industries; and Chinese governmental policies relating to private managers and operators of software and applicable tax rates.
Further information regarding these and other risks will be included in eFuture's annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of December 22, 2011, and the Company undertakes no duty to update such information or any other forward-looking information, except as required under applicable law.