SAN DIEGO, CALIFORNIA and
SHENZHEN, China, June 4, 2018 /PRNewswire/ -- Highpower
International, Inc. (NASDAQ: HPJ) ("Highpower" or the "Company"), a
developer, manufacturer, and marketer of lithium ion and
nickel-metal hydride (Ni-MH) rechargeable batteries, battery
management systems, and a provider of battery recycling, today
announced that its Board of Directors received a non-binding
proposal from Mr. Dang Yu (George)
Pan, the Company's Chairman and Chief Executive Officer, to
acquire certain outstanding shares of common stock of the Company
at a cash purchase price of $4.80 per
share. In the proposed potential transaction, Mr. Pan would
acquire all of the outstanding shares of common stock of the
Company not currently owned by him through a merger of the Company
with a newly formed acquisition vehicle that Mr. Pan would control.
The Board intends to form a special committee consisting of
independent directors to consider this proposal.
Mr. Pan's proposal letter states that he intends to finance the
proposed transaction with debt or equity capital. Furthermore, the
proposal letter specifies that Mr. Pan's proposal constitutes only
a preliminary indication of interest, and is subject to negotiation
and execution of definitive agreements relating to the proposed
transaction.
The Board cautions the Company's stockholders and others
considering trading in its securities that the Board just received
the non-binding proposal letter from Mr. Pan and no decisions have
been made with respect to the Company's response to the proposal.
There can be no assurance that any definitive offer will be made by
Mr. Pan or any other person, that any definitive agreement will be
executed relating to the proposed transaction, or that the proposed
transaction or any other transaction will be approved or
consummated.
A copy of Mr. Pan's letter to the Board is attached as exhibit
number 99.1 to the Company's Current Report on Form 8-K, which is
being filed with the Securities and Exchange Commission ("SEC")
today. The Form 8-K is available on the SEC's website at
www.sec.gov.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
electric buses, bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting, etc. Highpower's target customers are Fortune 500
companies and top 20 companies in each vertical segment. With
advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean
technology, not only in the products it makes, but also in the
processes of production. The majority of Highpower International's
products are distributed to worldwide markets mainly in
the United States, Europe, China
and Southeast Asia.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements. These
statements, including management quotes and business outlook,
constitute forward-looking statements under the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Such statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. Sungy Mobile does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
CONTACT:
Highpower International, Inc.
Sunny Pan
Chief Financial Officer
Tel: +86-755-8968-6521
Email: ir@highpowertech.com
Yuanmei Ma
Investor Relations Manager
Tel: +1-909-214-2482
Email: ir@highpowertech.com
ICR, Inc.
Rose Zu
Tel: +1-646-931-0303
Email: ir@highpowertech.com
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SOURCE Highpower International, Inc.