WUXI, China, July 18, 2017 /PRNewswire/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company")
(NASDAQ: CLNT) today announced that the Company's board of
directors has formed a special committee comprised of three
independent directors of the Company, Furen
Chen, Xi Liu and Chengqing Tang (the "Special Committee") to
evaluate and engage in discussions with ECrent Capital Holdings
Limited ("ECrent") regarding potential business cooperation between
the two companies and a potential acquisition by the Company of
ECrent (collectively, the "Potential Transactions"). All three
members of the Special Committee are unaffiliated with ECrent and
not management members of the Company. The Special Committee has
retained Duff & Phelps, LLC as its financial advisor to assist
it in its review and evaluation of the Potential Transactions.
The Company cautions its shareholders and others considering
trading its securities that neither the Special Committee nor the
Board has set a definitive timetable for the completion of its
evaluation of and discussion regarding the Potential Transactions
or any other alternative transaction and the Company does not
currently intend to announce development unless and until an
agreement has been reached. There can be no assurances that any
definitive agreement will be executed relating to the Proposed
Transactions, or that the Proposed Transactions or any other
transaction will be approved or consummated.
About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies, designs,
manufactures and distributes a line of proprietary high and low
temperature dyeing and finishing machinery to the textile
industry. The Company's latest business initiatives are
focused on targeting the technology and sharing economy markets in
China.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2016 and in our Form 10-Q for the quarter ended March 31, 2017. All forward-looking statements
attributable to the Company or to persons acting on its behalf are
expressly qualified in their entirety by these factors other than
as required under the securities laws. The Company does not assume
a duty to update these forward-looking statements.
Company Contacts:
Cleantech Solutions International,
Inc.
Parkson Yip, COO
E-mail: parkson.yip@cleantechsolutionsinternational.com
+852-31060372
Web: www.cleantechsolutionsinternational.com
Compass Investor Relations
Elaine Ketchmere, CFA
Email: eketchmere@compass-ir.com
+1-310-528-3031
Web: www.compassinvestorrelations.com
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SOURCE Cleantech Solutions International, Inc.