CARLSTADT, N.J., April 18, 2016 /PRNewswire/ -- Jinpan
International Limited (Nasdaq: JST), a leading designer,
manufacturer, and distributor of cast resin transformers, today
announced that, at an extraordinary general meeting held today, the
Company's shareholders voted in favor of the proposal to authorize
and approve the previously announced agreement and plan of merger
dated as of January 24, 2016 (the
"Merger Agreement"), by and among the Company, FNOF E&M
Investment Limited ("Parent") and Silkwings Limited ("Merger Sub"),
the plan of merger, and the transactions contemplated by the Merger
Agreement, including the merger.
Pursuant to the Merger Agreement, the Merger Sub will merge with
and into the Company, with the Company continuing as the surviving
company and a wholly owned subsidiary of Parent. If completed, the
merger will result in the Company becoming a privately held company
and its common shares will no longer be listed on NASDAQ Global
Select Market. Immediately following the consummation of the
transactions contemplated under the Merger Agreement, Parent will
be beneficially owned by Mr. Zhiyuan
Li, the Company's Chairman and Chief Executive Officer, Ms.
Yuqing Jing, the Company's Secretary
and wife of Mr. Li, and Forebright Smart Connection Technology
Limited, a company established under the laws of the Hong Kong
Special Administrative Region of the
People's Republic of China.
Approximately 65% of the Company's total outstanding common
shares voted in person or by proxy at today's general meeting. Of
those common shares, approximately 78% were voted in favor of the
proposal to authorize and approve the Merger Agreement, the plan of
merger, and transactions contemplated by the Merger Agreement,
including the merger.
About Jinpan International Limited
Jinpan International Limited (NASDAQ: JST) designs,
manufactures, and markets electrical control and distribution
equipment used in demanding industrial applications, utility
projects, renewable energy installations, and infrastructure
projects. Major products include cast resin transformers, VPI
transformers and reactors, switchgears, and unit substations.
Jinpan serves a wide range of customers in China and reaches international markets as a
qualified supplier to leading global industrial electrical
equipment manufacturers. Jinpan is one of the largest
manufacturers of cast resin transformers in China by production capacity. Jinpan's
four manufacturing facilities in China are located in the cities of
Haikou, Wuhan, Shanghai and Guilin. The Company was founded
in 1993. Its principal executive offices are located in
Haikou, Hainan, China and its United States office is based in Carlstadt, New Jersey. For more
information, visit www.jinpaninternational.com.
Safe Harbor Provision
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations and
involve known and unknown risks, and uncertainties or other factors
not under the Company's control, which may cause actual results,
performance or achievements of the company to be materially
different from the results, performance or other expectations
implied by these forward-looking statements. These factors are
listed from time-to-time in our filings with the Securities and
Exchange Commission, including, without limitation, our Annual
Report on Form 20-F for the period ended December 31, 2014 and our subsequent reports on
Form 6-K. Except as required by law, we are not under any
obligation, and expressly disclaim any obligation, to update or
alter any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Jinpan International Limited