(By Balachander) Linktone Ltd. (NASDAQ: LTON), a China-based media and entertainment services company, has authorized the buyback of up to US$8 million worth of American Depositary Shares, or ADSs over the next 6 months.
The company said it will finance the repurchase with existing cash reserves and cash generated from operations.
Linktone provides entertainment-oriented telecom value-added services (VAS) and content to mobile phone users through the mobile telecommunications networks in China and Indonesia.
The company focuses on media, entertainment, communication and edutainment products.
The timing and extent of any purchases will be subject to the parameters specified in the Rule 10b5-1 trading plan and depend on a number of factors including the price and availability of the company's ADSs, Linktone said.
U.S.-listed shares of LTON, which have been trading in the 52-week range of $1.03 to $3.18, ended at $2.45 on Wednesday.