BEIJING, Dec. 27, 2012 /PRNewswire/ -- Fushi Copperweld,
Inc. ("Fushi" or the "Company") (NASDAQ: FSIN) announced today the
completion of the transaction contemplated by the Agreement and
Plan of Merger dated as of June 28,
2012 (the "Merger Agreement"), among the Company, Green
Dynasty Limited ("Green Dynasty"), Green Dynasty Acquisition, Inc.
("Merger Sub"), and Green Dynasty Holdings Limited, pursuant to
which the Company became a wholly-owned subsidiary of Green
Dynasty, an entity affiliated with Mr. Li
Fu, the Company's Chairman and Co-Chief Executive
Officer.
Fushi's stockholders are entitled to receive $9.50 in cash for each share of Fushi common
stock that they held immediately prior to the effective time of the
merger. Holders of stock certificates will receive letters of
transmittal with instructions on how to deliver their shares of
common stock to the paying agent. Stockholders who held shares of
Fushi common stock through a bank or broker will not have to take
any action to receive cash for their shares, as such payments will
be handled by the bank or broker.
As a result of the merger, Fushi is now a privately-held
company. As previously announced, trading of the Company's common
stock on the NASDAQ Global Select Market will be suspended
immediately prior to the opening of trading on December 27, 2012 and NASDAQ has filed a
notification of removal of listing and registration on Form 25 with
the Securities and Exchange Commission ("SEC") with respect to
Fushi's common stock. The Company intends to deregister its common
stock and to suspend its reporting obligations under the Securities
Exchange Act of 1934, as amended, by promptly filing a Form 15 with
the SEC.
About Fushi Copperweld
Fushi Copperweld, Inc., through its wholly owned subsidiaries,
Fushi International (Dalian)
Bimetallic Cable Co. Ltd., and Copperweld Bimetallics LLC, is the
leading manufacturer and innovator of copper-clad bimetallic
engineered conductor products for electrical, telecommunications,
transportation, utilities and industrial applications. With
extensive design and production capabilities, and a long-standing
dedication to customer service, Fushi Copperweld is the preferred
choice for bimetallic products worldwide.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Forward-looking statements can be identified by the use
of forward-looking terminology such as "will," "believes,"
"expects" or similar expressions. All statements that address
events or developments that we expect or anticipate will occur in
the future – including statements relating to the expected
timetable for completing the proposed transaction and the ability
of the Company to obtain the approvals required to consummate the
transaction – are forward-looking statements. These forward-looking
statements may also include statements about our proposed
discussions related to our business or growth strategy, which is
subject to change. Such information is based upon expectations of
our management that were reasonable when made but may prove to be
incorrect. All of such assumptions are inherently subject to
uncertainties and contingencies beyond our control and upon
assumptions with respect to future business decisions, which are
subject to change. We do not undertake to update the
forward-looking statements contained in this press release. For a
description of the risks and uncertainties that may cause actual
results to differ from the forward-looking statements contained in
this press release, see our most recent Annual Report filed with
the Securities and Exchange Commission (SEC) on Form 10-K, and our
subsequent SEC filings. Copies of filings made with the SEC are
available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at www.sec.gov.
For investor inquiries, please contact:
Jolin Qiao, Investor Relations
Officer
Fushi Copperweld Inc.
Phone +1.615.377.4183
E-mail: ir@fushicopperweld.com
Web: www.fushicopperweld.com
SOURCE Fushi Copperweld, Inc.