NANJING, China, Aug.1, 2021 /PRNewswire/
-- Ever-Glory International Group, Inc. (the "Company" or
"Ever-Glory") (NASDAQ: EVK), a retailer of branded fashion apparel
and a leading global apparel supply chain solution provider, today
announced that its Board of Directors has authorized a stock
repurchase program pursuant to which the Company may repurchase up
to $5 million of the Company's
outstanding common stock on or before December 31, 2021. Under the stock repurchase
program, the Company may purchase shares of its common stock from
time to time through various means, including open market
transactions and privately negotiated transactions. Open
market repurchases will be made in accordance with applicable
securities laws and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), and may be effected pursuant to
Rule 10b5-1 under the Exchange Act. The manner, timing and
amount of any stock repurchases will be determined by the Company's
management in its discretion based on its evaluation of various
factors, including the trading price of the Company's common stock,
market and economic conditions, regulatory requirements and other
corporate considerations. The repurchase program may be suspended
or discontinued at any time.
"We believe our stock is a good value, and the Board's approval
of this stock repurchase program is recognition of the long-term
prospects in our Company's intrinsic value and the undervalued
price of our stock," said Mr. Yihua
Kang, Chairman, President, and Chief Executive Officer of
Ever-Glory. "Repurchasing stock underscores our commitment to
enhancing shareholder value and demonstrates confidence in our
business."
About Ever-Glory International Group, Inc.
Based in Nanjing, China, Ever-Glory International Group, Inc. is
a retailer of branded fashion apparel and a leading global apparel
supply chain solution provider. Ever-Glory is the first Chinese
apparel Company listed on the American Stock Exchange (now named as
NYSE MKT) in July 2008 and then
transferred to The NASDAQ Global Market on December 31, 2015. Ever-Glory offers apparel to
woman in China under its own
brands "La go go", "Velwin" and "idole". Ever-Glory is also a
leading global apparel supply chain solution provider with a focus
on middle-to-high end casual wear, outerwear, and sportswear
brands. Ever-Glory services a number of well-known brands and
retail stores by providing a complete set of supply chain
management services, including: fabric development and design,
sampling, sourcing, quality control, manufacturing, logistics,
customs clearance and distribution.
Forward-Looking Statements
Certain statements in this release and other written or oral
statements made by or on behalf of Ever-Glory International Group,
Inc. (the "Company") are "forward looking statements" within the
meaning of the federal securities laws. Statements regarding future
events and developments and the Company's future performance, as
well as management's expectations, beliefs, plans, estimates or
projections relating to the future, are forward-looking statements
within the meaning of these laws. The forward looking statements
are subject to a number of risks and uncertainties including,
without limitation, market acceptance of the Company's products and
offerings, development and expansion of the Company's wholesale and
retail operations, the Company's continued access to capital,
currency exchange rate fluctuation, impacts from the ongoing
COVID-19 pandemic on local, national and global economic conditions
in general and on our industry and business in particular,
and other risks and uncertainties. The actual results the
Company achieves (including, without limitation, the results
stemming from the future implementation of the Company's strategies
and the revenue, net income and new retail store projections set
forth herein) may differ materially from those contemplated by any
forward-looking statements due to such risks and uncertainties
(many of which are beyond the Company's control). These statements
are based on management's current expectations and speak only as of
the date of such statements. Readers should carefully review the
risks and uncertainties described in the Company's latest Annual
Report on Form 10-K and other documents that the Company files from
time to time with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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SOURCE Ever-Glory International Group, Inc.
