China Grentech Corp (NASDAQ:GRRF)

SHENZHEN, China, September 19, 2011 /PRNewswire-Asia-FirstCall/ -- China GrenTech Corporation Limited (NASDAQ: GRRF, "GrenTech", or "the Company"), a leading China-based provider of radio frequency and wireless coverage products and services, today announced that its Board of Directors has approved a share repurchase program.

Under the terms of this share repurchase program, GrenTech may repurchase up to US$10.0 million worth of its issued and outstanding American Depositary Shares ("ADSs") from time to time in open-market transactions on the NASDAQ Global Select Market. The timing and dollar amount of repurchase transactions is subject to the Board of Director's discretion depending on market conditions and will be subject to Securities and Exchange Commission ("SEC") Rule 10b-18 requirements. GrenTech plans to fund share repurchases made under this program from its available working capital. The share repurchase program does not have an expiration date and may be modified or discontinued at any time by the Company's Board of Directors.

"Given our solid market leadership, strong pipeline of new products, cutting edge technology and the positive outlook for the telecommunication market in China, we believe that our shares are undervalued," said Mr. Yingjie Gao, GrenTech's Chairman and Chief Executive Officer. "Our share repurchase program demonstrates our commitment to enhancing long term shareholder value as well as our confidence in our business model and strategic growth plan."