HARBIN, China, Sept. 6, 2011 /PRNewswire/ -- Harbin Electric,
Inc. ("Harbin Electric" or the "Company"; NASDAQ: HRBN), a leading
developer and manufacturer of a wide array of electric motors in
the People's Republic of China
("China"), today issued a
statement regarding an anonymous blog posting, which includes a
report with contributions made by persons that have a short
interest in Harbin Electric.
"Harbin Electric categorically denies the latest baseless
accusations made in an anonymous report posted on a blog earlier
today, which includes contributions by short sellers.
Regarding the land purchase referenced in the report, the
Company stands by the statements as disclosed in its 10-Q dated
August 9, 2011. Harbin Electric
confirms that the land purchase was done in full compliance with
various relevant Chinese government entities and notes this
transaction structure is a common practice in China."
The Company cautions shareholders to disregard and not be
distracted by these and all previous accusations raised by short
sellers. The $24.00 per share
all cash going private transaction was reaffirmed today by the
purchasing group, including Mr. Tianfu
Yang, Chairman and Chief Executive Officer of Harbin
Electric, and Abax Global Capital ("Abax"). The China
Development Bank Corporation also today reaffirmed its commitment
to provide financing for the going private transaction.
Safe Harbor Statement
The actual results of Harbin Electric, Inc. could differ
materially from those described in this press release.
Detailed information regarding factors that may cause actual
results to differ materially from the results expressed or implied
by statements in this press release may be found in the Company's
periodic filings with the U.S. Securities and Exchange Commission,
including the factors described in the section entitled "Risk
Factors" in its annual report on Form 10-K for the year ended
December 31, 2010. The Company
does not undertake any obligation to update forward-looking
statements contained in this press release. This press
release contains forward-looking information about the Company that
is intended to be covered by the safe harbor for forward-looking
statements provided by the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are statements that are
not historical facts. These statements can be identified by
the use of forward-looking terminology such as "believe," "expect,"
"may," "will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negatives thereof, or comparable terminology,
and include discussions of strategy, and statements about industry
trends and the Company's future performance, operations and
products.
A number of the matters discussed herein that are not historical
or current facts deal with potential future circumstances and
developments, in particular, whether and when the transactions
contemplated by the Merger Agreement will be consummated. The
discussion of such matters is qualified by the inherent risks and
uncertainties surrounding future expectations generally and also
may materially differ from actual future experience involving any
one or more of such matters. Such risks and uncertainties
include: any conditions imposed on the parties in connection with
consummation of the transactions described herein; adoption of the
Merger Agreement by the Company's shareholders; satisfaction of
various other conditions to the closing of the transactions
described herein; and the risks that are described from time to
time in the Company's reports filed with the SEC.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and
manufacturer of a wide array of electric motors with a focus on
innovative, customized, and value-added products. Its major product
lines include industrial rotary motors, linear motors, and
specialty micro-motors. The Company's products are purchased
by a broad range of domestic and international customers, including
those involved in the energy industry, factory automation, food
processing, packaging, transportation, automobile, medical devices,
machinery and tool manufacturing, chemical, petrochemical, as well
as in the metallurgical and mining industries. The Company
operates four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development
capability by recruiting talent worldwide and through collaboration
with top scientific institutions. The Company owns numerous
patents in China and has developed
award-winning products for its customers. Relying on its own
proprietary technology, the Company developed an energy efficient
linear motor driven oil pump, the first of its kind in the world,
for the largest oil field in China. Its self-developed linear motor
propulsion system is powering China's first domestically-made
linear-motor-driven metro train. As China continues to grow
its industrial base, Harbin Electric aspires to be a leader in the
industrialization and technology transformation of the Chinese
manufacturing sector. To learn more about Harbin Electric,
visit www.harbinelectric.com.
For media inquiries, please contact:
Matt Sherman / Nicole Greenbaum
Joele Frank, Wilkinson Brimmer
Katcher
Tel: +1-212-355-4449
For investor inquiries, please contact:
Paul Schulman / Amy Bilbija
MacKenzie Partners, Inc.
Tel: +1-212-929-5364 (Mr. Schulman)
Tel: +1-650-798-5206 (Ms. Bilbija)
Christy Shue
Harbin Electric, Inc.
Executive VP, Finance & Investor Relations
Tel: +1-631-312-8612
Email: IR@HarbinElectric.com
Linda Bergkamp
Christensen Investor Relations
Tel: +1-480-614-3004
Email: LBergkamp@ChristensenIR.com
SOURCE Harbin Electric, Inc.