SHENZHEN, China, Nov. 30, 2011 /PRNewswire-Asia-FirstCall/ --
China GrenTech Corporation Limited (NASDAQ: GRRF, "GrenTech," or
the "Company"), a leading China-based provider of radio frequency and
wireless coverage products and services, today announced that the
Independent Committee of its Board of Directors, formed to consider
a proposal by the Company's Chairman and Chief Executive Officer,
Mr. Yingjie Gao ("Mr. Gao"), to
acquire all of the outstanding shares of GrenTech not currently
owned by Mr. Gao, certain members of the management and their
affiliates in a going private transaction (the "Proposed
Transaction"), has retained William
Blair & Company, L.L.C. as its financial advisor,
Cleary Gottlieb Steen & Hamilton
LLP as its United States legal
counsel, and Conyers Dill &
Pearman as its Cayman Islands
legal counsel to assist it in its work. The Independent
Committee is continuing its evaluation of the Proposed Transaction.
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 China GrenTech
GrenTech is a leading developer of radio frequency ("RF")
technology in China and a leading
provider of wireless coverage products and services in China. The Company uses RF technology to
design and manufacture wireless coverage products, which enables
telecommunications operators to expand the reach of their wireless
communication networks to indoor and outdoor areas such as
buildings, highways, subways, tunnels and remote regions.
China GrenTech's wireless coverage services include design,
installation and project warranty services. The Company also
tailors the design and configuration of its wireless coverage
products to the specific requirements of its customers.
Based on its in-house RF technology platform, the Company also
develops and produces base station RF parts and components sold to
base station manufacturers. GrenTech is a qualified supplier
of RF parts and components to major global and domestic base
station manufacturers. For more information, please visit
www.GrenTech.com.cn.
Safe Harbor Statement
Certain statements contained in this announcement may be viewed
as "forward-looking statements" within the meaning of
Section 27A of the U.S. Securities Act of 1933, as amended,
and Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual performance, financial
condition or results of operations of GrenTech to be materially
different from any future performance, financial condition or
results of operations implied by such forward-looking statements.
The accuracy of these statements may be impacted by a number
of business risks and uncertainties that could cause actual results
to differ materially from those projected or anticipated, and other
risks outlined in GrenTech's filings with the U.S. Securities and
Exchange Commission, including its registration statement on Form
F-1 and annual reports on Form 20-F. GrenTech undertakes no
ongoing obligation, other than that imposed by law, to update these
statements.
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Company Contact:
Xin Lian, Senior
Manager
China GrenTech Corp.
Ltd.
Tel: +86 755 2650 3007
E-mail:
investor@powercn.com
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Investor Relations
Contact:
David Rudnick, Account
Manager
CCG Investor
Relations
Tel: + (1) 646-626-4172 (New
York)
E-mail:
david.rudnick@ccgir.com
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SOURCE China Grentech Corporation Limited