CNinsure Establishes Special Committee to Evaluate Non-Binding Going Private Proposal
May 20 2011 - 5:32AM
CNinsure Inc. (Nasdaq:CISG) (the "Company" or "CNinsure"), a
leading independent insurance intermediary company operating in
China, announced today that it has established a special committee
(the "special committee") to evaluate the non-binding going private
proposal received from TPG Asia V MU, Inc., Kingsford Resources
Limited, a company controlled by Mr. Yinan Hu, chairman of the
Board of Directors and chief executive officer of the Company, and
entities affiliated with him, and CDH Inservice Limited.
The special committee consists of two of the Company's
independent directors, Mr. Allen Warren Lueth and Mr. Stephen
Markscheid. The special committee will retain independent legal and
financial advisors to assist it in its evaluation of the proposal.
No decisions have been made by the special 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 CNinsure Inc.
CNinsure is a leading independent insurance intermediary company
operating in China. CNinsure's distribution network reaches many of
China's most economically developed regions and affluent cities.
The Company distributes a wide variety of property and casualty and
life insurance products underwritten by domestic and foreign
insurance companies operating in China, and provides insurance
claims adjusting as well as other insurance-related services.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about CNinsure and the industry.
Potential risks and uncertainties include, but are not limited to,
those relating to whether any definitive offer will be made,
whether any agreement will be executed or whether this or any other
transaction will be approved or consummated, as well as CNinsure's
limited operating history, especially its limited experience in
selling life insurance products, its ability to attract and retain
productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with
insurance companies, its ability to execute its growth strategy,
its ability to adapt to the evolving regulatory environment in the
Chinese insurance industry, its ability to compete effectively
against its competitors, quarterly variations in its operating
results caused by factors beyond its control and macroeconomic
conditions in China and their potential impact on the sales of
insurance products. All information provided in this press release
is as of May 20, 2011, and CNinsure undertakes no obligation to
update any forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations,
except as may be required by law. Although CNinsure believes that
the expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by CNinsure is
included in CNinsure's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
CONTACT: Oasis Qiu
Investor Relations Manager
Tel: +86-20-61222777x850
Email: qiusr@cninsure.net
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