BEIJING, April 3, 2013 /PRNewswire/ -- SYSWIN Inc.
("SYSWIN" or the "Company") (NYSE: SYSW), a leading primary real
estate service provider in China,
announced today that, at an extraordinary general meeting held
today, the Company's shareholders voted in favor of the proposal to
approve the previously announced Agreement and Plan of Merger dated
December 24, 2012 (the "Merger
Agreement") among Brilliant Strategy Limited ("Parent"), a business
company with limited liability incorporated under the laws of the
British Virgin Islands, Brilliant
Acquisition Limited ("Merger Sub"), an exempted company with
limited liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary
of Parent, and the Company, pursuant to which Merger Sub will be
merged with and into the Company with the Company surviving the
merger as a wholly-owned subsidiary of Parent (the "Merger").
Approximately 89.20% of the Company's total outstanding ordinary
shares voted in person or by proxy at today's extraordinary general
meeting. Of the ordinary shares voted in person or by proxy at the
extraordinary general meeting, approximately 99.99% were voted in
favor of the proposal to approve the Merger Agreement and the
transactions contemplated by the Merger Agreement, including the
Merger, and approximately 100.00% were voted in favor of the
proposal to authorize the directors of the Company to do all things
necessary to give effect to the Merger Agreement.
All closing conditions set forth in the Merger Agreement have
been satisfied or waived. The parties expect to complete the merger
as soon as practicable, as a result of which completion SYSWIN will
become a privately held company wholly owned by Parent and SYSWIN's
American depository shares will no longer be listed on the New York
Stock Exchange.
About SYSWIN
The Company began focusing on providing primary real estate
services since 2004 and believes it is a leading primary real
estate service provider in China.
The Company currently has operations in 28 cities throughout China.
The Company primarily provides real estate sales agency services to
property developers relating to new residential properties.
Capitalizing on the experience and capabilities gained in
Beijing, the Company focuses on
providing tailored services to its key clients in a number of
markets and has been successful in generating repeat business and
increasing business volume. Of China's top 30 developers (including
those that do not use sales agency services), 15 are or have
previously been clients of the Company. Clients of the Company
include some of the most well-recognized national developers in
China, including China Vanke, Poly Real Estate, CR Land, Agile
Group and Guangzhou R&F Properties.
Safe Harbor: Forward-Looking Statements
This document may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Such statements include, among others, those concerning
the effects of the Merger on the Company; the expected timing of
the completion of the Merger; and all assumptions, expectations,
predictions, intentions or beliefs about future events.
Forward-looking statements can generally be identified by the use
of forward-looking terminology such as "will," "should," "may,"
"believes," "expects" or similar expressions. Such information is
based upon expectations of the Company's management that were
reasonable when made but may prove to be incorrect. All of such
assumptions are inherently subject to uncertainties and
contingencies beyond the Company's control and based upon premises
with respect to future business decisions, which are subject to
change. The Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
SOURCE SYSWIN Inc.