YANTAI, China, May 12, 2020 /PRNewswire/ -- Newater Technology,
Inc. (NASDAQ: NEWA) ("NEWA", or the "Company"), a developer,
service provider and manufacturer of membrane filtration products
and related hardware and engineered systems that are used in the
treatment, recycling and discharge of wastewater, today announced
that its Board of Directors has received a preliminary non-binding
proposal letter dated May 12, 2020 from its Chairman and Chief
Executive Officer, Mr. Yuebiao Li ("Mr. Li"), and its
Chief Financial Officer, Ms. Zhuo Zhang ("Ms. Zhang,
together with Mr. Li, the "Buyer Group"), to acquire all of the
outstanding shares of the Company not currently owned by the Buyer
Group and their respective affiliates and certain other
shareholders of the Company who may choose to join the Buyer Group
in a going private transaction (the "Acquisition")
for US$3.1 per share of the Company in cash.
According to the proposal letter, the Acquisition is intended to
be financed through debt and/or equity capital, where equity
capital will be provided at least in part by the Buyer Group in the
form of rollover equity in the Company.
The Company's Board of Directors has formed a special committee
of independent directors (the "Independent Committee") consisting
of Ms. Zhicun Chen, Mr. Hengtong Li and Mr. Yan Shen, to consider this proposal. Ms.
Zhicun Chen will serve as chairman of the Independent
Committee. The Independent Committee will retain a financial
advisor and legal counsel to assist it in its work.
The Board of Directors cautions the Company's shareholders and
others considering trading in its securities that the Board just
received the preliminary non-binding proposal from the Buyer Group
and no decisions have been made by the Independent Committee with
respect to the Company's response to the proposal. 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.
ABOUT NEWATER TECHNOLOGY INC
Founded in 2012 and headquartered in Yantai, China, Newater, operating its business through
its wholly owned subsidiary Yantai Jinzheng Eco-Technology Co.
Ltd., specializes in the development, manufacture and sale of DTRO
(Disk Tube Reverse Osmosis) and DTNF (Disk Tube Nano-Filtration)
membranes for waste water treatment, recycling and discharge.
Newater provides integrated technical solutions in engineering
support and installation, technical advice and water purification
services, and other project-related solutions to turn wastewater
into valuable clean water. More information about the Company can
be found at www.dtNEWA.com.
The Company's core business includes:
- Reuse of high quality reclaimed
water;
- High-salt and high-polluting wastewater treatment and near
zero-liquid discharge;
- Highly efficient treatment of Landfill leachate; and
- Utilization of acid or alkali-containing wastewater as
resources
More information about the Company can be found at:
www.dtNEWA.com
FORWARD-LOOKING STATEMENTS
This press 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. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding the Acquisition are
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the water
filtration industry in China;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the Securities
and Exchange Commission. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
Company
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Investor
Relations
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Ning Liu
Senior Manager
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Fan Wang
IR Director
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NEWATER TECHNOLOGY
INC.
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MMTEC, INC.
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Phone: +86 (535)
8012999
+86 15063837878
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Phone: +86
13681276957
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Email:
office@dtnewa.com
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Email:wangfan@xgujia.com
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SOURCE Newater Technology, Inc.