BEIJING, Dec. 12, 2017 /PRNewswire/ -- Lianluo Smart Limited ("Lianluo Smart" or the "Company") (Nasdaq: LLIT), a smart service and products provider in China, today announced that Chairman of the Board of Directors, Mr. Zhitao He, has notified the Company that he intends to purchase up to US$6 million in Lianluo Smart's Class A Common Shares ("Shares") from time to time within the next twelve months, subject to market conditions. Shares may be purchased in transactions conducted through a broker or dealer in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.
Mr. He commented, "As our shareholders know, my affiliated company Hangzhou Lianluo Interactive Information Technology Co., Ltd. is the largest shareholder of Lianluo Smart; but I do not personally own any Shares of the Company. Given my personal confidence in the Company's prospects and my excitement about our future, I have decided to further increase my own stake in our Company. I will be buying these Shares from already-outstanding shares, rather than directly from the Company to avoid increasing the number of issued shares or diluting our Company's earnings per share."
The timing and actual number of Shares purchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock. The Company will disclose in its periodic filings the number of shares then beneficially owned by Mr. He.
About Lianluo Smart Limited
Lianluo Smart Limited is a smart service and products provider, which develops, markets and sells medical wearable devices, intelligent smart devices and ecosystem platform in China. The medical wearable devices sector's major products are wearable sleep respiratory devices. It provides medical-grade detection and monitoring to OSA (Obstructive Sleep Apnea) syndrome patients. The smart devices sector is specialized in easy-using smart devices for sports, social contact, entertainment, remote-control and family health management. The smart ecosystem platform interconnects things and things, things and human. Lianluo Smart is endeavoring to become a leading provider of intelligent smart products both in domestic and international markets. More information may be found at www.lianluosmart.com.
Lianluo Smart Limited
Tel: +86 10 8860 9850
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Katherine Yao, Senior Associate
Tel: +86 10 6587 6435