Sutor Technology Group Announces Stock Repurchase Program of up to $5M

Sutor Technology Group Limited (Nasdaq: SUTR) today announced that its Board of Directors has authorized the repurchase of up to $5 million of its outstanding common stock through August 31, 2012.

The Company is authorized to repurchase, in accordance with applicable federal securities laws, in the open market and/or in privately negotiated transactions the Company's common stock as deemed appropriate by management. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. The Company plans to fund the stock repurchase program from its available cash balance.