Cogo (COGO) Announces Signing of Agreement for sale of certain Subsidiaries
Cogo Announces Signing of Agreement for sale of certain Subsidiaries to Chairman and CEO Jeffrey Kang
– Buyback Program in Place since September 24th – Deal Validates Company’s Tangible Book Value of Approximately $6.00 per Share
SHENZHEN, China, Oct. 23, 2012 /PRNewswire/ — Cogo Group, Inc. (NASDAQ: COGO), one of the leading gateways for global semiconductor companies to access the industrial and technology markets in China, today announced that it had entered into a definitive agreement for the sale of certain subsidiaries to its Chairman and CEO Jeffrey Kang. The main terms of the deal are unchanged from the Company’s press release on September 24, 2012.
On September 24, 2012, Cogo began executing a stock buyback program to repurchase its shares on the open market pursuant to a 10b5-1 plan. Given that Cogo’s shares trade at approximately 35% of its Tangible Book Value (“TBV”) of approximately $6 per share, as reported at the end of the second quarter of 2012, the Company believes that a buyback program is a prudent use of cash.
Mr. Kang commented, “The signing of a definitive agreement regarding my proposal to purchase certain subsidiaries for $78 million brings us one step closer towards maximizing value for shareholders of Cogo. We believe this deal validates the financial assets of Cogo that are currently being significantly discounted by the financial markets and we believe that the ongoing share buybacks are accretive for our shareholders.”
About Cogo Group, Inc.:
Cogo Group, Inc. (Nasdaq: COGO) is one of the leading gateways for global semiconductor companies to access the rapidly growing Industrial and Technology sectors in China. Through its unique business-to-business services platform, Cogo designs customized embedded solutions using technology from suppliers including Intel, Broadcom, Xilinx, SanDisk, Freescale, Atmel and others for a customer base of 2,100 Chinese OEMs/ODMs. Cogo’s customer list includes approximately 100 blue-chip companies, including ZTE, BYD and NARI, as well as 2,000 Small and Medium Enterprises (SMEs). The Company serves a broad list of rapidly growing end-markets in China, including 3G Smart phones, Tablets, Automotives, High-Speed Railway, Smart Meter/Smart Grid, Healthcare and High Definition Television (“HDTV”).
For further information:
Investor Relations
www.cogo.com.cn/investorinfo.html
communications@cogo.com.cn
H.K.: +852 2730 1518
U.S.: +1 917-519-6994
Fax: +86 755 2674 3522
Safe Harbor Statement:
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy such as growth in digital media, telecommunications and industrial applications businesses, as well as our potential acquisitions which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.
TraderPower Featured Companies
- Astrotech Corp. (NASDAQ: ASTC)
- Cepton Inc. (NASDAQ: CPTN)
- Clene Inc. (NASDAQ: CLNN)
- CNS Pharmaceuticals Inc. (NASDAQ: CNSP)
- Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF)
- Freight Technologies Inc. (NASDAQ: FRGT)
- InMed Pharmaceuticals Inc. (NASDAQ: INM)
- Lexaria Bioscience Corp. (NASDAQ: LEXX)
- Mullen Automotive Inc. (NASDAQ: MULN)
- Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI)
Top Small Cap Market News
- $NTRB InvestorNewsBreaks – Nutriband Inc. (NASDAQ: NTRB) Closes $8.4M Private Placement
- $MULN Europe Now Has Two Countries Fully Dependent on Green Energy
- $TTSRF Tartisan Nickel Corp. (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA) Retains Northwest Solutions Inc. to Complete Kenbridge Nickel Project All-Season Access Road
- $TMET InvestorNewsBreaks – Torr Metals Inc. (TSX.V: TMET) Announces Promising Preliminary Results at Kolos
- $SFWJ InvestorNewsBreaks – Software Effective Solutions Corp.’s (SFWJ) Eko2o S.A.S. Marks Significant Step in Strategy to Increase Global Footprint
- $DLMI InvestorNewsBreaks – Diamond Lake Minerals Inc. (DLMI) Partners with BOXABL to Expand Opportunities for Modular Housing Villages
- $ZDPY Zoned Properties Inc. (ZDPY) Advancing Initiatives Through the Cannabis Sector
- $ASTC Advancements in Medical AI Are Improving Timely Esophageal Cancer Detection
- $PXMD InvestorNewsBreaks – PaxMedica Inc. (NASDAQ: PXMD) Completes Key Step in Preparation of PAX-101 for NDA Submission to FDA
- $PXMD “Urgent Action: PaxMedica Inc. (NASDAQ: PXMD) Addresses Medical Crisis in Malawi”
- $BBUZ Bebuzee Inc. (BBUZ) Unveils America’s First Superapp, Pioneering a New Era of Social Connectivity
- $ATBHF InvestorNewsBreaks – Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) Announces Strategic Agreement and Advisory Board Appointment
Recent Posts
- $ATBHF InvestorNewsBreaks – Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) Announces Strategic Agreement and Advisory Board Appointment
- $BBUZ Bebuzee Inc. (BBUZ) Unveils America’s First Superapp, Pioneering a New Era of Social Connectivity
- $PXMD “Urgent Action: PaxMedica Inc. (NASDAQ: PXMD) Addresses Medical Crisis in Malawi”
- $PXMD InvestorNewsBreaks – PaxMedica Inc. (NASDAQ: PXMD) Completes Key Step in Preparation of PAX-101 for NDA Submission to FDA
- $ASTC Advancements in Medical AI Are Improving Timely Esophageal Cancer Detection
- $ZDPY Zoned Properties Inc. (ZDPY) Advancing Initiatives Through the Cannabis Sector
- $DLMI InvestorNewsBreaks – Diamond Lake Minerals Inc. (DLMI) Partners with BOXABL to Expand Opportunities for Modular Housing Villages
- $SFWJ InvestorNewsBreaks – Software Effective Solutions Corp.’s (SFWJ) Eko2o S.A.S. Marks Significant Step in Strategy to Increase Global Footprint
Recent Comments
Archives
- April 2024
- January 2023
- June 2022
- December 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009