VANCOUVER, July 7 /PRNewswire-FirstCall/ - Dragon
Pharmaceutical Inc. ("Dragon" or the "Company" TSX: DDD; OTCBB:
DRUG) announced that based on the receipt of preliminary proxies,
the Company believes that it has sufficient votes to approve the
Agreement and Plan of Merger ("Merger") by and among Dragon, Chief
Respect Limited, Datong Investment Inc., a subsidiary of Chief
Respect Limited, and Mr. Yanlin Han.
The Merger must be approved by holders of a majority of the
outstanding shares of the Company's voting common stock and a
majority of the votes cast by the minority shareholders of
outstanding shares of the Company's voting common stock excluding
the votes cast by Mr. Han. If the Merger is approved, Datong
Investment Inc. will merge with and into Dragon and each holder of
Dragon shares of common stock, excluding Mr. Han, will receive
$0.82 per share.
The receipt of preliminary proxies is not an official vote.
Accordingly, shareholders are encouraged to vote prior to or at the
Special Meeting of Shareholders of the Company to be held on
Tuesday, July 20, 2010 at
10:30 a.m., Pacific Time at the
Company's corporate office located at Suite 310, 650 West Georgia
Street, Vancouver, British
Columbia, Canada V6B 4N9, at which time the Company expects
to finalize shareholder approval of the proposed Merger.
About Dragon Pharmaceutical Inc.
Dragon Pharmaceutical, headquartered in Vancouver, Canada, is a leading manufacturer
and distributor of a broad line of high-quality antibiotic products
including Clavulanic Acid, an API to combine with Amoxicillin to
fight resistance, and 7-ACA, a key intermediate to produce
cephalosporin antibiotics, and formulated cephalosporin antibiotic
drugs. To learn more about Dragon Pharmaceutical Inc., please visit
www.dragonpharma.com.
Forward Looking Statements
This press release contains forward-looking statements,
including statements regarding the meeting of Company's
shareholders, and the closing of the merger, that involve known and
unknown risks, uncertainties and other factors that may cause
actual outcomes to differ materially from outcomes expressed or
implied by this press release. Such risk factors include, among
others, that shareholders who have submitted their proxies to
approve the merger may subsequently change their vote and the
matters submitted for shareholder approval at the meeting of
Company's shareholders may not be approved. Actual results may
differ materially from those contained in the forward-looking
statements in this press release. Additional information concerning
these and other risk factors is contained in the Risk Factors
sections of the definitive proxy statement filed with the
Securities and Exchange Commission ("SEC") on June 28, 2010, and from time to time in Company's
other reports filed with the SEC.
Additional Information and Where to Find It
In connection with the proposed merger, on June 28, 2010, the Company filed with the SEC a
Schedule 13E-3, and a definitive proxy statement for the meeting of
stockholders of the Company to be convened to approve the merger.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, DRAGON'S
STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER. Stockholders may obtain a free copy of the proxy statement,
and other documents filed by us with the SEC, at the SEC's web site
at http://www.sec.gov. Free copies of the proxy statement and our
other filings with the SEC may also be obtained from us. Free
copies of our filings may be obtained by directing a request to
Dragon Pharmaceutical, Inc., 650 West Georgia Street, Suite 310,
Vancouver, British Columbia,
Canada V6B 4N9 Attention: Maggie
Deng, Secretary. Copies of the proxy statement may also be
obtained at our website, www.dragonpharma.com.
SOURCE Dragon Pharmaceutical Inc.