Chairman of New Dragon Asia Corporation Announces Intent to Purchase Shares (PrimeNewswire)

Wednesday July 9, 9:00 am ET SHENZHEN, China, July 9, 2008 (PRIME NEWSWIRE) -- New Dragon Asia Corp. (AMEX:NWD - News ), 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, will purchase approximately US$1 million worth of the Company's outstanding shares of common stock currently trading on the public market over a period of 12 months commencing today. New Dragon Asia Food Limited is currently the largest holder of New Dragon Asia Corp. common stock. The Board of Directors of New Dragon Asia Corp. has been informed of Mr. Lu's intent. The trading price of New Dragon's shares of common stock on the American Stock Exchange as of July 8, 2008 was $0.45. Heng Jing... [read full story]