China Linen Textile Industry, Ltd. (OTCQB: CTXIF) one of China's leading linen fabric and linen yarn producers and exporters, today announced that the executive management team, including the Chairman of the Board and Chief Executive Officer Ren Gao, Chief Financial Officer Jodie Zheng Wehner, Vice General Manager Yongfeng Ma have increased their ownership by approximately 70,000 shares or 1.2% of total outstanding shares purchased in the open market, at an average price of $2.42. Since China Linen is a foreign private issuer, its officers and directors are not subject to Section 16 of the Securities Act of 1934 and therefore are not required to file a Form 4 in connection with acquisitions of China Linen's stock.
"The purchases in the last quarter have been approved by the Board and reflect the shared confidence we have in China Linen's long-term opportunity to be one of the leading pure linen fabric providers in the world," Mr. Ren Gao, CEO and Chairman of China Linen commented. "We plan to consistently purchase in the coming quarters should China Linen's stock price stay at a deeply discounted value of our operations."
About China Linen Textile Industry, Ltd.
China Linen Textile Industry, Ltd. is principally engaged in the production and sale of linen yarn and various types of linen fabric. The Company is also involved in consultation and R&D related to linen technology and linen products. The Company carries on all of its business activities through its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd. ("Lanxi Sunrise"), established in June 2002 and located in Lanxi County, the "Homeland of Flax in China," near Harbin City in China. Lanxi Sunrise has one yarn-spinning factory, one bleaching factory and two fabric weaving factories in its 35,120 square meters of building area with a staff of 1,400 and 430 sets of world-class, advanced production machinery. Annual production capacity totals approximately 2,220 tons with 50 different types of yarn and 10 million meters of fabric with 110 types. Approximately 50 percent of its products are exported to more than 10 countries.
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