Wed 21 Sep 2011 05:47

Andatee CEO in share repurchase plan


Plan authorizes the purchase of up to $2 million of the company's common stock.



Andatee China Marine Fuel Services Corporation, a leading producer, distributor, and retailer of quality marine fuel for small cargo and fishing vessels in China, has announced that its Chief Executive Officer and Chairman of the Board, Mr. An Fengbin [pictured], has adopted a share repurchase plan pursuant to the Exchange Act Rule 10b5-1, Rule 10b-18, and other applicable SEC legal requirements.

Under this plan, Mr. An may purchase up to a value of $2 million of the company's common stock through September 19, 2012, subject to 'certain conditions'.

Andatee said the timing and actual number of shares repurchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements plus other market conditions in an effort to minimize the impact of the purchases on the market for the stock.

Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. There can be no assurance that any shares will be repurchased.

As of September 19th 2011, Andatee had approximately 9.6 million shares of common stock outstanding.

An Fengbin - Trading History

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

Last year, he purchased a total of 80,474 shares in the company between November 23rd and December 16th 2010. A list of his trades during this period have been included below.

- An Fengbin bought 10,175 shares of Andatee stock on December 16th at the average price of US$5.41.

- An Fengbin bought 12,387 shares of Andatee stock on December 14th at the average price of US$5.54.

- An Fengbin bought 10,500 shares of Andatee stock on December 9th at the average price of US$5.61.

- An Fengbin bought 9,988 shares of Andatee stock on December 7th at the average price of US$5.68.

- 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.

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