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ChinaCache Appoints Jackie You Kazmerzak, CFA as Chief Financial Officer
GlobeNewswire 2011-06-13
Announces CEO Share Purchase Program and Company Share
Buyback
BEIJING, June 13, 2011 (GLOBE NEWSWIRE) -- ChinaCache International
Holdings Ltd. ("ChinaCache" or the "Company") (Nasdaq:CCIH), the
leading provider of Internet content and application delivery services
in China, today announced that Jackie You Kazmerzak, CFA has been
appointed Chief Financial Officer of the Company, effective August 10,
2011. Ms. Kazmerzak succeeds Robert Shaw, who is leaving ChinaCache to
pursue another professional opportunity. Separately, the Company
announced that Mr. Wei An, Vice President of Corporate Communications,
has resigned for personal reasons.
Ms. Kazmerzak joins ChinaCache from China Information Technology
(Nasdaq:CNIT) where she served as Chief Financial Officer from August
2009. From 2007 through 2008, she served as Head of China Investments
for JLF Asset Management and her prior experience includes four years
as Investment Officer at Northern Trust located in San Francisco and
two years as Portfolio Manager at Sand Hill Advisors in Palo Alto. Ms.
Kazmerzak holds the Chartered Financial Analyst (CFA) designation and
earned her Masters of Business Administration (MBA) with concentration
in Finance from Arizona State University in 2000.
"I am very proud of being part of ChinaCache and the success we have
achieved over the past years," said Robert Shaw. "With an excellent
team, technology and business strategy, ChinaCache has become the clear
industry leader in China and I am confident that the company has a
bright future."
Mr. Song Wang, co-founder, chairman and chief executive officer of
ChinaCache, said, "Robert has played a pivotal role in ChinaCache's
success over the past six years, including our IPO last year. I would
also like to acknowledge Wei's important contributions during his
tenure. On behalf of management and our board, I wish both well in
their future endeavors."
Mr. Shaw was Financial Controller of ChinaCache from July 2005 to
December 2008, and has served as CFO since December 2008. He will
remain with the Company through the second quarter earnings
announcement to ensure a smooth transition.
"We are delighted to welcome Jackie to ChinaCache as our new CFO,"
continued Mr. Wang. "Jackie's knowledge and deep experience in finance
both as a CFO as well as on the buy-side will be extremely valuable to
ChinaCache as we continually improve our corporate governance as well
as communications with investors. With strong visibility across our
vertical markets and a strong new customer pipeline, we will continue
to recruit top industry talent to help us build upon our clear market
leadership."
The Company also announced that Mr. Song Wang intends to use personal
funds to purchase up to $1 million of the Company's American Depositary
Shares ("ADSs"). Mr. Wang plans to use the repurchased ADSs to award
key ChinaCache employees as part of their overall incentive packages,
subject to completing necessary legal procedures. The ADSs will be
purchased in open market transactions during the six month period
commencing from the date of this announcement, pursuant to a Rule
10b5-1 plan and subject to the restrictions of and consistent with the
Company's securities trading policy.
Additionally, the Company's board of directors has authorized a share
repurchase program, under which the Company may repurchase up to $10
million of issued and outstanding ADSs from the open market or in block
trades. The Company's repurchases will be made on the open market at
prevailing market prices or in block trades and subject to restrictions
relating to volume, price and timing during the twelve-month period
commencing from the date of this announcement, pursuant to Rule 10b5-1
under the Securities Exchange Act of 1934, as amended. The timing and
extent of any purchases will depend upon market conditions, the trading
price of the Company's ADSs and other factors. The Company expects to
implement this share repurchase program in a manner consistent with
market conditions and the interest of the shareholders. The Company's
board of directors will review the share repurchase program
periodically, and may authorize adjustment of its terms and size
accordingly. The Company plans to fund repurchases made under this
program from its available cash balance.
About ChinaCache International Holdings Ltd.
ChinaCache International Holdings Ltd. (Nasdaq:CCIH) is the leading
provider of Internet content and application delivery services in
China. As a carrier-neutral service provider, ChinaCache's network in
China is interconnected with networks operated by all telecom carriers,
major non-carriers and local Internet service providers. With more than
a decade of experience in developing solutions tailored to China's
complex internet infrastructure, ChinaCache is a partner of choice for
businesses, government agencies and other enterprises to enhance the
reliability and scalability of online services and applications and
improve end-user experience. For more information on ChinaCache, please
visit www.chinacache.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates"
and similar statements. ChinaCache may also make written or oral
forward-looking statements in its reports filed or furnished to the
U.S. Securities and Exchange Commission, in its annual reports to
shareholders, in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including statements
about ChinaCache's beliefs and expectations, are forward-looking
statements. Among other things, quotations from management in this
announcement as well as ChinaCache's strategic and operational plans,
contain forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statements, including but not limited to the following:
the Company's goals and strategies, expansion plans, the expected
growth of the content and application delivery services market, the
Company's expectations regarding keeping and strengthening our
relationships with its customers, and the general economic and business
conditions in the regions where the Company provide its solutions and
services. Further information regarding these and other risks is
included in the Company's filings with the U.S. Securities and Exchange
Commission. All information provided in this press release is as of the
date of this press release, and ChinaCache undertakes no duty to update
such information, except as required under applicable law.
CONTACT: For investor and media inquiries please contact:
Ms. Yue YU
Brunswick Group LLP
Tel: +86 (10) 6566-2256
Email: chinacache@brunswickgroup.com
Ms. Cindy ZHENG
Brunswick Group LLP
Tel: +1 (212) 333-3810
Email: chinacache@brunswickgroup.com
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