L&L Energy Announces Increase in Ownership by Management and Board of
SEATTLE, Sept. 27, 2013
SEATTLE, Sept. 27, 2013 /PRNewswire/ --L & L Energy, Inc. (NASDAQ: "LLEN")
("L&L" or the "Company"), a U.S.-based company with a track record of
profitable energy (coal) operations in China, today announced that several
members of its management and Board of Directors are increasing their
ownership of L&L shares. The Company believes that the increase in share
ownership demonstrates the collective commitment by management and the board
to the success of L&L. The increase also demonstrates their belief that the
Company's shares are significantly undervalued.
Mr. Dickson Lee, the Company's Chairman and Chief Executive Officer, recently
took possession of 750,447 shares of company stock previously pledged as
collateral for a personal loan, a transaction by Mr. Lee that required a cash
outlay of over $1 million. This transaction was disclosed in a Form 4 filing
with the SEC yesterday. Mr. Clayton Fong, Vice President of US Operations,
has agreed to take company shares in lieu of cash salary. Finally, several
board members have agreed to take a substantial portion of their director fees
in the form of equity rather than cash. L&L directors' cash fees include
$80,000 annually per director, where directors may substitute equity for any
percentage of their cash fee. Two directors haveelected to receive their
entire board fee in equity.
Mr. Lee commented, "Our Board of Directors and management team are confident
in our business strategy and outlook, and believe the shares are significantly
undervalued in the wake of the recent short-seller allegations. All of our
key senior people are increasing our stake in the Company, at a real cash cost
to ourselves, in order to fully demonstrate our commitment to L&L. Our
interests are fully aligned with our shareholders, since our financial success
hinges on the value of Company shares as well. We look forward to fully
putting to rest the unfounded short-seller accusations in the near future, and
refocusing on capturing the exciting growth opportunities in front of us."
For more information, please contact:
L&L Energy, Inc.
+1 (206) 264-8065,
SOURCE L & L Energy, Inc.
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