SAN DIEGO and SHENZHEN, China, June
25, 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 has formed a Special Committee comprised solely of
independent directors (the "Special Committee") to consider the
previously announced preliminary non-binding "going private"
proposal (the "Proposal") from Mr. Dang Yu
(George) Pan, the Company's Chairman and Chief Executive
Officer. Mr. Pan has proposed to acquire all of the
outstanding shares of common stock of the Company not currently
owned by him at a cash purchase price of $4.80 per share through a merger of the Company
with a newly formed acquisition vehicle that Mr. Pan would
control.
Ping (David) Li and T.
Joseph Fisher, III will serve on the
Special Committee and Mr. Li will serve as Chairman. The Special
Committee has retained Roth Capital Partners as its independent
financial advisor and Katten Muchin Rosenman LLP as its legal
counsel to assist the Special Committee in its evaluation of the
Proposal and any other alternative transaction. Manatt, Phelps
& Phillips, LLP serves as U.S. securities and corporate counsel
to Highpower.
The Company cautions its stockholders and others considering
trading in its securities that neither the Board nor the Special
Committee has made any decision 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. The Company does not undertake any obligation to
provide any updates with respect to this or any other transaction,
except as required under applicable law.
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. Additional
information about the Company can be found at
http://www.highpowertech.com and in documents filed with the U.S.
Securities and Exchange Commission, which are available on the
SEC's website at http://www.sec.gov.
Cautionary Statement Regarding Forward-Looking
Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," similar expressions, and variations or negatives of
these words. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and
assumptions that could cause our actual results to differ
materially and adversely from those expressed in any
forward-looking statement.
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: yuanmei@highpowertech.com
ICR, Inc.
Rose Zu
Tel: +1-646-931-0303
Email: ir@highpowertech.com
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SOURCE Highpower International, Inc.