HONG KONG, Dec. 22, 2008 (GLOBE NEWSWIRE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced Roland Kohl, the company's president and chief executive officer, and Dirk Hermann, a member of its board of directors, recently purchased 40,000 and 93,500 shares, respectively, in the open market. The transactions were executed during an open window trading period subsequent to issuing the company's fiscal 2009 second quarter financial results on November 3, 2008.
Highway Holdings is a foreign private issuer and, accordingly, its officers and directors are not required to submit SEC filings concerning their purchases as are U.S.-based companies under Section 16(a) of the Securities Act of 1934.
"The share purchases underscore management's confidence in the company's growth potential and the recognition that market conditions have created a unique opportunity to acquire shares below book value," said Roland Kohl.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies. It also manufactures finished products, such as light fixtures, LED lights, radio chimes and other electronic products. Highway Holdings is headquartered in Hong Kong and operates four manufacturing facilities in the People's Republic of China.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F.