Wed 8 Dec 2010, 08:07 GMT

Andatee CEO buys 13,050 shares


An Fengbin has now purchased over 37,000 Andatee shares since November 23rd.



An Fengbin, Chairman, CEO and President of Andatee China Marine Fuel Services, purchased 13,050 shares in the company on December 3rd, at an average price of $5.64 a share.

Mr An has now purchased a total of 37,424 shares in the company since November 23rd. A list of his recently reported Andatee trades have been included below.

- An Fengbin bought 13,050 shares of Andatee stock on December 3rd at the average price of US$5.64.

- An Fengbin bought 9,050 shares of Andatee stock on December 1st at the average price of US$5.32.

- An Fengbin bought 8,400 shares of Andatee stock on November 29th at the average price of US$5.22.

- An Fengbin bought 3,462 shares of Andatee stock on November 23rd at the average price of US$5.21.

- An Fengbin bought 3,462 shares of Andatee stock on November 23rd at the average price of US$5.25

Andatee is a leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China. The company has a market capitalization of US$52.9 million.

During the third quarter of 2010, Andatee's net profit rose by 73.5 percent to $2.6 million. Revenues for the third quarter were $57.5 million, which represented an increase of approximately 78.5 percent compared with $32.2 million during the same period in 2009. The increase was said to be due to an 82 percent increase in sales volumes and to a higher average crude oil price in the marketplace.

Last month the company announced that its board of directors had approved and adopted a share repurchase plan. The plan, which authorizes a buyback of the company's common stock up to a value of $0.5 million, is valid up until October 2011.

Mr An, a 10 percent owner, is the founder of Andatee's bunker supply business Dalian Xing Yuan Marine Fuel Co. Ltd..


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