Charm Communications (NASDAQ:CHRM)

BEIJING, September 14, 2011 /PRNewswire-Asia-FirstCall/ -- Charm Communications Inc. (NASDAQ: CHRM) ("Charm" or the "Company"), a leading advertising agency in China, today announced that its board of directors has approved a share repurchase program of up to US$10 million of its issued and outstanding American depositary shares ("ADSs").

The Company will implement this share repurchase program with an initial duration of 12 months. The repurchases will be made from time to time either on the open market at prevailing market prices or in block trades. The timing and extent of any purchases will depend upon market conditions, the trading price of its ADSs and other factors. The board of directors will periodically review the program and make adjustments to the share repurchase plan's terms and size. The board may also suspend or discontinue the repurchase program at any time. The Company expects to pay for the repurchased shares using internally available cash.

Mr. He Dang, founder, chairman and chief executive officer of Charm Communications, commented, "Our decision to implement this share repurchase program reflects our undiminished confidence in the strong growth prospects of our business and in China's advertising industry overall. Moreover, we view our ADSs as currently undervalued, and this program underscores our firm belief in Charm's growth momentum and our ongoing commitment to delivering long-term value to our shareholders."