BEIJING, July 29, 2014 /PRNewswire/ -- Exceed Company
Ltd. (EDS) ("Exceed" or the "Company"), one of the leading domestic
sportswear brands in China, today
announced that it has further adjourned its extraordinary
general meeting of shareholders that was called to authorize and
approve the proposed Agreement and Plan of Merger (the "Merger
Agreement"), dated December 2, 2013,
by and among the Company, Pan Long Company Limited ("Parent"), an
exempted company with limited liability incorporated under the laws
of the Cayman Islands and wholly
owned by Mr. Shuipan Lin ("Mr. Lin"), the Company's Chairman and
Chief Executive Officer, and Pan Long Investment Holdings Limited,
a wholly owned subsidiary of Parent.
The extraordinary general meeting was originally scheduled to
take place in Hong Kong on
April 16, 2014. It was subsequently
adjourned to July 29, 2014 following
Mr. Lin's advice to the Company that he required additional time to
obtain the contemplated financing for the proposed transaction. At
the extraordinary general meeting, shareholders will consider and
vote on the proposal to authorize and approve the Merger
Agreement.
On July 28, 2014, the independent
committee and the board of directors of the Company determined that
a further adjournment of the meeting would be in the best interests
of its shareholders because Mr. Lin had advised the Company that he
required additional time to obtain the contemplated financing for
the proposed transaction. On July 29,
2014, the extraordinary general meeting of shareholders was
held but was immediately adjourned without conducting any
business.
Apart from the motion to adjourn, no other business was
conducted at the extraordinary general meeting of shareholders on
July 29, 2014. The resolutions set
out in the notice of the extraordinary general meeting dated
July 10, 2014 will be considered and
voted on at such time as the adjourned extraordinary general
meeting is resumed.
The Company intends to resume the adjourned extraordinary
general meeting of shareholders as soon as practicable following
confirmation from Mr. Lin that financing is on deposit in an
account outside of the People's Republic
of China and available at the closing of the transaction.
The Company will give notice to shareholders of the date on which
the adjourned extraordinary general meeting will be resumed as soon
as a date is selected, and in any event not less than seven
calendar days prior to such resumed meeting.
About Exceed Company Ltd.
Exceed Company Ltd. designs, develops and engages in wholesale
of footwear, apparel and accessories under its own brand, XIDELONG,
in China. Since it began
operations in 2002, Exceed has targeted its growth on the consumer
markets in second and third-tier cities in China. Exceed has three principal categories
of products: (i) footwear, which comprises running, leisure,
basketball, skateboarding and canvas footwear, (ii) apparel, which
mainly comprises sports tops, pants, jackets, track suits and
coats, and (iii) accessories, which mainly comprise bags, socks,
hats and caps. Exceed Company Ltd. currently trades on NASDAQ under
the symbol "EDS".
Forward-Looking Statements:
This announcement contains forward-looking statements that are
based on our current expectations, assumptions, estimates and
projections about us and our industry. All statements other than
statements of historical fact in this form are forward-looking
statements. These forward-looking statements can be identified by
words or phrases such as "may", "will", "expect", "anticipate",
"estimate", "plan", "believe", "is/are likely to" or other similar
expressions. These forward-looking statements involve various risks
and uncertainties. The forward-looking statements made in this
announcement relate only to events, including the transactions
contemplated by the Merger Agreement described above, or
information as of the date on which this announcement is published.
We undertake no obligation to update any forward-looking statements
to reflect events or circumstances after the date this announcement
is published or to reflect the occurrence of unanticipated
events.
For further information, please contact:
Investor Relations
Exceed Company Ltd
Vivien Tai
+852 3975-8116
ir@xdlong.cn
SOURCE Exceed Company Ltd.