Industries International Announces Stock Buyback Program of Up to 500,000 Shares.Business Editors SHENZHEN, China & LOS ANGELES--(BUSINESS WIRE)--Dec. 9, 2003 Industries International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IDUL), a major manufacturer and distributor of communications-related technology and lithium batteries Lithium batteries are primary batteries that have lithium metal or lithium compounds as an anode. Depending on the design and chemical compounds used lithium cells can produce voltages from 1.5V to about 3V, twice the voltage of an ordinary zinc-carbon battery or alkaline cell. in China, today announced that it has initiated a program to buy back up to 500,000 shares of its outstanding common stock. At least 200,000 will be purchased as part of this program before the end of this month. Dr. Kit Tsui, Chairman and Chief Executive Officer, commented, "The new buyback program is an important part of Industries International's ongoing effort to increase shareholder wealth. It testifies in particular to our belief that our stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. and is likely to repay its holders with substantial price appreciation as we continue to execute on our growth strategies targeting the large Chinese market." Recent Developments The buyback announcement follows several recent announcements of expanding production and market opportunities for Industries International. During November, 2003, the Company reported that it has signed an exclusive contract to supply corded telephones to Foxconn Group, a global manufacturer of electronics products. The Company also received a "3C" authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. from the China Quality Authentication Center, for its corded and cordless phones A wireless telephone that transmits to and receives signals from a base station within a range of a few hundred feet. Cordless phones are for local use and cannot travel long distances as can cellphones and satellite phones. See DECT and multihandset cordless. , which were found to comply fully with compulsory standards for such factors as input voltage, security and electromagnetic emissions. The 3C (for "China Compulsory Certification The China Compulsory Certificate mark, commonly known as CCC Mark, is a compulsory safety mark for many products sold on the Chinese market. It became effective on May 1, 2002. ") authentication is a product qualification system based on national technical standards that ensure consumer safety, protects the environment and maintains national security. Improving Financial Performance On a sequential basis, the Company's third quarter 2003 financial results showed a return to profitability and a swing of $0.09 from the loss of ($0.08) per share in the second quarter ending June 30, 2003. Third quarter revenues were up 10% sequentially, from $14.4 million in the second quarter. About Industries International Incorporated Industries International Incorporated is comprised of two wholly-owned subsidiaries. Its wholly-owned subsidiary, Broad Faith Limited, is engaged in the development, production and distribution of communications terminal Terminus of a communications circuit at which data can be either entered or received; located with the originator or ultimate addressee. Also called CT. products, mainly corded and cordless telephones A cordless telephone or portable telephone is a telephone with a wireless handset which communicates via radio waves with a base station connected to a fixed telephone line (POTS) and can only be operated near (typically within 100 meters or 328 ft from) its base station which are sold under the trademark Wondial(TM) throughout China. Its other wholly-owned subsidiary, Li Sun Power International Limited, engages in the manufacturing of lithium and lithium-ion batteries Lithium-ion batteries (sometimes abbreviated Li-ion batteries) are a type of rechargeable battery commonly used in consumer electronics. They are currently one of the most popular types of battery for portable electronics, with one of the best energy-to-weight ratios, no and testing equipment for chemical composition and functioning of batteries. For further information, please visit the Company's website at www.industriesintl.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement -- This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks, uncertainties and assumptions that, if they never materialize or if they prove incorrect, could cause Industries International Incorporated's results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenue, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements concerning proposed new products, services or developments, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations as of the date of this press release. Actual results may differ materially from those projected because of a number of risks and uncertainties, including those detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company assumes no obligations and does not intend to update these forward-looking statements. |
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