Rice net will buy back $10 million ads

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Beijing Time March 27 Evening News, the Rice Net (NYSE:TAOM) announced today, the company's board of Trustees today approved a stock repurchase plan, approved by the immediate effect of the scheme.

Under the repo plan, the rice net will repurchase the American Depository Shares (ADS), which represent common stock of 10 million U.S. dollars, through open market or privately negotiated over the next 12 months. Specific repurchase actions will be based on market conditions, stock prices and other factors, subject to the relevant laws.

The rice net will use its cash and operating capital to fund the stock buyback. As of December 31, 2013, the rice net had a cash and cash equivalent of about 114.3 million dollars. As of March 27, 2014, the rice net has 757,684,760 shares of common stock in circulation.