SAN FRANCISCO and SHENZHEN, China, Nov.
27, 2015 /PRNewswire/ -- Highpower
International, Inc. ("Highpower International" or "the Company")
(NASDAQ: HPJ), a developer, manufacturer, and marketer of
lithium and nickel-metal hydride (Ni-MH) rechargeable batteries,
and a battery management systems and battery recycling provider,
today announced that its board of directors (the "Board") has
received a non-binding investment proposal letter from Anshan
Co-Operation (Group) Co., Ltd. ("Anshan Co-Operation"), joined with
Mr. George Pan, Chairman and CEO,
and certain management of Highpower International, and China
Innovative Capital Management Ltd.
Anshan Co-Operation (Group) Co., Ltd. ("Anshan Co-Operation"),
proposes to purchase newly issued shares of Shenzhen Highpower
Technology Co., Ltd., Springpower Technology (Shenzhen) Co., Ltd. and Icon Energy System
(Shenzhen) Co., Ltd., the three
subsidiaries in the People's Republic of
China (the "PRC") wholly-owned by Highpower International,
Inc. with not less than RMB650
million, or approximately US$101.7
million (based on an exchange rate of $6.39 as of November 26,
2015) based on the valuation of RMB280 million, or approximately US$43.8 million (based on an exchange rate of
$6.39 as of November 26, 2015) for the three subsidiaries, in
exchange for more than 50% of the equity of each of the three
subsidiaries and become the controlling shareholder of each of the
subsidiaries after the subscription.
The Company's Board of Directors has formed a special committee
consisting of the following independent directors to consider this
proposal: Ping Li, who will serve as
chairman, Xin Hai Li and
T. Joseph Fisher, III. The special
committee intends to retain independent legal and financial
advisors to assist it in this process. The Board cautions the
Company's stockholders and others considering trading in its
securities that the Board just received the non-binding proposal
letter from Anshan Co-Operation and no decisions have been made
with respect to the transaction. There can be no assurance 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. The Company does not undertake any obligation to
provide any updates with respect to this or any other transaction,
except as required under applicable laws.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
electric buses, bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting. Highpower's target customers are Fortune 500
companies, and top 10 companies in each vertical segment. With
advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean
technology, not only in the products it makes, but also in the
processes of production. The majority of Highpower International's
products are distributed to worldwide markets mainly in
the United States, Europe, China
and Southeast Asia.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 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 negative thereof or comparable terminology, and
include discussions of the Company's future performance, operations
and products. Such statements involve known and unknown
risks, uncertainties and other factors that could cause the
Company's actual results to differ materially from the results
expressed or implied by such statements, including, our ability to
successfully expand sales of our lithium battery product in the
mobile device market and our ability to effectively compete in that
market. For a discussion of these and other risks and
uncertainties see "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in
the Company's public filings with the SEC. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release.
Contact:
Highpower International, Inc.
Sherry Chen
+86-755-8968-6521
ir@highpowertech.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao, Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior, Senior Vice
President
(212) 836-9606
aprior@equityny.com
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SOURCE Highpower International, Inc.