HARBIN, China, Nov. 1, 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,
today announced it has commenced the closing process of the merger
contemplated by the Agreement and Plan of Merger, dated
June 19, 2011, as amended, pursuant
to which the Company will become a wholly-owned subsidiary of Tech
Full Electric Company Limited ("Tech Full Electric"), which is
controlled by Mr. Tianfu Yang, the
Company's Chairman and Chief Executive Officer.
As part of the closing process, the Company has filed the
Articles of Merger with the Nevada
Secretary of State. Trading of the Company's common stock has
been suspended on the NASDAQ Global Select Market as of market
close today. NASDAQ has filed a notification of removal of
listing and registration on Form 25 with the Securities and
Exchange Commission ("SEC") with respect to Harbin Electric's
common stock.
As previously announced, at the Company's Special Meeting of
Shareholders held on October 29,
2011, the Merger Agreement was approved by approximately
90.6% of the outstanding shares of Harbin Electric common stock and
approximately 84.2% of total unaffiliated shares of Harbin
Electric, satisfying the majority of unaffiliated stockholders
voting requirement set forth in the Merger Agreement.
Due to the multi-jurisdictional nature of Harbin Electric and
different time zones involved in the closing process, the Company
currently anticipates the "going private" transaction will be
completed on November 2, 2011 (U.S.
time). The Company intends to publicly announce when the
closing of the transaction is completed.
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 Securities and Exchange Commission
("SEC"), including the factors described in the section entitled
"Risk Factors" in its annual report on Form 10-K/A for the year
ended December 31, 2010, filed with
the SEC on September 29, 2011. 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 / Matt Cuneo / Nicole
Greenbaum
Joele Frank, Wilkinson Brimmer
Katcher
Tel: +1-212-355-4449
For investor inquiries, please contact:
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.