SHANGHAI, Dec. 10, 2010 /PRNewswire-Asia-FirstCall/ --
Chemspec International Limited (NYSE: CPC; "Chemspec" or the
"Company", incorporated in the Cayman
Islands), a leading China-based contract manufacturer of
highly-engineered specialty chemicals, announced today the
Independent Committee of its Board of Directors, formed to consider
a proposal by the Company's Chairman and Chief Executive Officer,
Dr. Jianhua Yang, to acquire certain
outstanding shares of the Company in a "going private" transaction
(the "Proposed Transaction"), has retained Houlihan Lokey as its financial advisor to
assist the Independent Committee in its work. In addition,
the Independent Committee has retained Shearman & Sterling LLP
to serve as its United States
legal counsel. The Independent Committee formed by the Board of
Directors is continuing its evaluation of the Proposed Transaction.
No assurance can be given that any definitive offer will be
made, that any agreement will be executed or that this or any other
transaction will be approved or consummated.
About Chemspec
Chemspec is a leading China-based contract manufacturer of highly
engineered specialty chemicals as well as fluorinated specialty
chemicals. In manufacturing specialty chemicals,
Chemspec also provides process design and process development
services, which enable efficient and rapid production of specialty
chemicals that are incorporated into the products of Chemspec's end
users. Chemspec's customers and end users include
electronics, pharmaceutical and agrochemical
companies. For more information, please visit
http://www.chemspec.com.cn.
Safe Harbor Statements
This announcement contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Further
information regarding these and other risks is included in
Chemspec's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form F-1 and
annual reports on Form 20-F, as amended from time to
time. Chemspec does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For further information, please
contact:
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Chemspec International Ltd.
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In Shanghai
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Carol Fang
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Tel: +86-21-63638108
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Email: ir@chemspec.com.cn
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Christensen
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In New York
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Kathy Li
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Tel: +1-212-618-1978
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Email: kli@christensenir.com
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In Hong Kong
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Tip Fleming
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Tel: +852-9212-0684
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Email: tfleming@christensenir.com
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SOURCE Chemspec International Limited