SHENZHEN, China, Sept. 19, 2008 (GLOBE NEWSWIRE) -- New Dragon Asia Corp. (AMEX:NWD), one of China's leading producers of instant noodles, flour-related products and soybean-derived products, announced today that New Dragon Asia Food Limited, which is controlled by New Dragon's Chairman, Heng Jing Lu, has purchased approximately 89,000 shares of the Company's outstanding common stock currently trading on the public market. New Dragon Asia Food Limited is currently the largest holder of New Dragon Asia Corp. common stock. The shares were purchased during the period of September 15th-18th, 2008. Additional details are available via the Company's filings with the SEC on Form 4 at www.sec.gov. The Company announced on July 9, 2008, that Chairman Lu intends to periodically purchase up to an aggregate total of $1 million worth of New Dragon Asia shares within 12 months of that announcement date.
Heng Jing Lu, Chairman of New Dragon Asia Corp., commented, "I would like to take this opportunity to reiterate my confidence in our business. We continue to see strong demand for our products and have established a track record of keeping our costs low, even in a difficult pricing environment. I intend to continue to periodically buy back shares between now and July 2009."
About New Dragon Asia Corp.
New Dragon Asia Corp., a Florida corporation (AMEX:NWD), is headquartered in Shandong Province, China, and is engaged in the milling, sale and distribution of flour and related products, including instant noodles and soybean-derived products, to retail and commercial customers. As the fourth largest instant noodle manufacturer in China, New Dragon Asia Corp. markets its well-established Long Feng brand through a network of more than 200 key distributors and 16 regional offices in 27 Chinese provinces with an aggregate production capacity of approximately 195,000 tons of flour and more than 1.1 billion packages of instant noodles per year. Instant noodles are also exported to a growing number of countries. For more information, visit the Company's website at www.newdragonasia.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, its success with acquisitions, anticipated synergies, and overseas expansion. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products and pricing; changes in consumer preferences and tastes or perceptions; effectiveness of advertising or market-spending programs; changes in laws and regulations; fluctuations in costs of production, foreign exchange and interest rates; and other factors as may be discussed in the Company's reports as periodically filed with the Securities and Exchange Commission.