China ACM Receives Privatization Offer
July 26 2011 - 8:09AM
Marketwired
China Advanced Construction Materials Group, Inc. (NASDAQ: CADC), a
leading provider of ready-mix concrete and related technical
services in China, today announced that its Board of Directors has
received a preliminary, non-binding offer from its Chairman and
Chief Executive Officer, Mr. Xianfu Han ("Mr. Han"), and Weili He,
Vice Chairman and Chief Operating Officer, to acquire all of the
outstanding shares of our common stock not currently owned by them
in a going private transaction at a proposed price of $2.65 per
share in cash. Messrs. Han and He currently beneficially own in the
aggregate approximately 49.5% of our common stock.
Our Board of Directors is considering forming a special
committee of independent directors (the "Special Committee") to
consider any proposal that may be made by Messrs. Han and He and
their affiliates, if any. If formed, the Special Committee will be
authorized to retain independent legal and financial advisors to
assist it. There can be no assurance that any proposal for a
transaction will be made, that any agreement will be approved or
executed or that any transaction will be consummated.
About Our Company
China Advanced Construction Materials Group, Inc. ("China ACM")
is a leading producer of advanced, certified eco-friendly ready-mix
concrete (RMC) and related technical services for large scale,
high-speed rail (HSR) and other complex infrastructure projects.
Leveraging its proprietary technology and value-add engineering
services model, the Company has won work on numerous high profile
projects including the 30,000 km China HSR expansion, the Olympic
Stadium Bird's Nest, Beijing South Railway Station, Beijing
International Airport, National Centre for Performing Arts, CCTV
Headquarters, Beijing Yintai Building and U.S. and French
embassies.
Founded in 2002, Beijing-based China ACM provides its materials
and services through its network of fixed ready-mix concrete plants
covering the Beijing metropolitan area. It also has technical
consulting services and preferred procurement agreements with other
independently-owned plants across China. Additionally, the Company
owns numerous portable plants deployed in various provinces across
China primarily in major high speed rail projects. More information
about the Company is available at www.china-acm.com.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Such statements include, among others, those concerning
to the possibility of any going private proposal and of our forming
a special committee, as well as all assumptions, expectations,
predictions, intentions or beliefs about future events.
Forward-looking statements can be identified by the use of
forward-looking terminology such as "will," "believes," "expects,"
"may" or similar expressions. Such information is based upon
expectations of our management that were reasonable when made but
may prove to be incorrect. All of such assumptions are inherently
subject to uncertainties and contingencies beyond our control and
based upon premises with respect to future business decisions,
which are subject to change. We do not undertake to update the
forward-looking statements contained in this press release, except
to the extent required by law. For a description of the risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this press release, see our
most recent Annual Report on Form 10-K filed with the Securities
and Exchange Commission, and our subsequent SEC filings. Copies of
filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system at
http://www.sec.gov.
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Contact Financial Profiles Tricia Ross (916) 939-7285
tross@finprofiles.com Financial Profiles Moira Conlon Tel: (310)
478-2700 x11 mconlon@finprofiles.com
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