BEIJING,
Dec. 18, 2014 (GLOBE NEWSWIRE) -- ChinaCache International Holdings Ltd.
("ChinaCache" or the "Company") (Nasdaq:CCIH),
the leading total solutions provider of Internet content and application
delivery services in China, announced today that its Board of Directors (the
"Board") has approved a share buyback program, under which the
Company is authorized to repurchase, through open market purchases or privately
negotiated transactions, up to US$10 million worth of outstanding American
Depositary Shares of ChinaCache over the next 12 months, depending on market
conditions, share price and other factors, and subject to relevant rules and
regulations under the U.S. securities laws.
Mr.
Song Wang, Founder, Chairman and CEO of ChinaCache, commented, "We are
confident in the long term growth prospects of our business as a leading CDN
and Cloud total solutions provider in China. We believe that this share buyback
program underscores our commitment to enhance value for our shareholders."
The
share buyback program will be funded by the Company's available cash balance.
As of September 30, 2014, the Company had cash and cash equivalents of
approximately US$76.4 million.
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