SAN DIEGO and SHENZHEN, China, April
26, 2019 /PRNewswire/ -- The Special Committee of the Board
of Directors of 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 the consortium of Mr.
Dang Yu (George) Pan, the Company's
Chairman and Chief Executive Officer and a stockholder of the
Company, Wen Liang Li, a director
and stockholder of the Company, Wen Wei
Ma, a stockholder of the Company, and Essence International
Financial Holdings (Hong Kong)
Limited has committed to a non-waivable condition, requiring the
approval by holders of a majority of the outstanding shares of
common stock of the Company not currently owned by the consortium,
as part of the consortium's preliminary non-binding "going private"
proposal. Pursuant to a letter dated June 2,
2018, and reaffirmed on March 13,
2019, the consortium has proposed to acquire all of the
outstanding shares of common stock of the Company not currently
owned by the consortium at a cash purchase price of $4.80 per share through a merger of the Company
with a newly formed acquisition vehicle that the consortium would
control (the "Proposed Transaction").
The Special Committee, consisting of independent and
disinterested directors Ping (David)
Li and T. Joseph Fisher, III,
is evaluating the Proposed Transaction, as well as the Company's
current risks, opportunities and other possible strategic
alternatives, with the assistance of its financial advisor, Roth
Capital Partners, and its legal counsel, Katten Muchin Rosenman
LLP. The Special Committee has not made any decision with respect
to its response to the Proposed Transaction. Subject to applicable
laws and regulations, the Special Committee does not currently
intend to provide updates or make further statements regarding the
Proposed Transaction, any revised proposals that may be received or
the status of discussions with the consortium, unless and until a
definitive agreement is reached or such discussions are
terminated.
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 within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
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 factors, risks, uncertainties and
assumptions that could cause our actual results to differ
materially and adversely from those expressed in any
forward-looking statement, including (but not limited to): (1) the
inability to enter into a definitive agreement in connection with
the Proposed Transaction, (2) the failure to obtain the necessary
financing arrangements to consummate the Proposed Transaction, (3)
the inability to consummate the Proposed Transaction due to the
failure to obtain stockholder approval for the Proposed Transaction
or the failure to satisfy other conditions to completion of the
Proposed Transaction, (4) risks related to the disruption of
management's attention from the Company's ongoing business
operations due to the Proposed Transaction and (5) the effect of
the announcement of the Proposed Transaction on the Company's
relationships with its customers, suppliers and business
generally.
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.