LISHUI, China, June 24, 2016 /PRNewswire/ -- Tantech Holdings
Ltd. (NASDAQ: TANH) ("Tantech" or the "Company"), a leading
manufacturer of bamboo-based charcoal products, announced today
that it, through its wholly-owned subsidiary in China, Lishui Tantech Energy Tech Co., Ltd.
("Lishui Tantech"), has entered into an equity purchase agreement
(the "Agreement") with the holders of the remaining 5% interest of
Zhejiang Tantech Bamboo Technology Co., Ltd., ("Bamboo Tech") , a
China subsidiary of Lishui
Tantech, to purchase the 5% interest of Bamboo Tech for 1,018,935
shares of the Company's common stock (the "Shares").
Pursuant to the Agreement executed on June 24, 2016 by and between Lishui Tantech and
the five individual shareholders, who each owned 1% interest in
Bamboo Tech, the Company shall issue and deliver 203,787 of the
Shares to each of the five individual shareholders. All Shares to
be issued pursuant to the Agreement are restricted
shares.
As a result of the Agreement, Bamboo Tech became a wholly-owned
subsidiary of Lishui Tantech, which is a 100% owned China subsidiary of the Company, allowing the
Company to eliminate the "net income attributable to
non-controlling interest" and to automatically increase "net income
attributable to stockholders" by 5% on its Income Statement going
forward. In 2015, the Company reported net income attributable to
non-controlling interest of $487,928
and non-controlling interest in equity of $3,444,342.
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City,
Zhejiang Province, China, Tantech Holdings Ltd. ("Tantech" or the
"Company"), together with its subsidiaries, develops and
manufactures bamboo-based charcoal products, including a variety of
branded consumer products and electric double-layer capacitor
("EDLC") carbon products for industrial energy applications. The
Company is in the process of acquiring 100% interest in Suzhou E
Motors Co., Ltd., a specialty electric vehicles and power batteries
manufacturer based in Zhangjiazhang City, Jiangsu Province, and aims to transform itself
from a bamboo-based charcoal products producer to a vertically
integrated company along the EDLC Carbon –power battery – specialty
new energy vehicle value chain. For more information about Tantech,
please visit: http://www.tantech.cn/en/index.asp.
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information please contact:
Tantech Holdings Ltd.
Ms. Ye Ren
IR Manager
+86-578-261-2869
ir@tantech.cn
Weitian Investor Relations
Ms. Tina Xiao
+1-917-609-0333
tanh@weitian-ir.com
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visit:http://www.prnewswire.com/news-releases/tantech-holdings-ltd-acquires-5-minority-interest-in-its-prc-operating-subsidiary-300289551.html
SOURCE Tantech Holdings Ltd.