SHENZHEN, China, March 15, 2012 /PRNewswire-Asia/ -- China
GrenTech Corporation Limited (NASDAQ: GRRF, "GrenTech," or the
"Company"), a leading China-based
provider of radio frequency and wireless coverage products and
services, announced today that it has called an extraordinary
general meeting of shareholders (the "EGM"), to be held on
April 16, 2012 at 10:00 a.m. (Beijing time). The meeting will be held
at the Company's offices at 2nd Floor, Block A, Guoren Building,
Keji Central 3rd Road, Hi-Tech Park, Nanshan District, Shenzhen 518057, People's Republic of China, to consider and
vote on the proposal to adopt the previously announced amended and
restated agreement and plan of merger dated January 20, 2012, among Talenthome Management
Limited ("Parent"), a British Virgin
Islands exempted company, Xing Sheng Corporation Limited
("Merger Sub"), a Cayman Islands
exempted company wholly-owned by Parent, and the Company (the
"Merger Agreement"), pursuant to which Merger Sub will merge with
and into the Company, with the Company continuing as the surviving
company and wholly-owned by Parent. Parent, at the effective
time of the merger, will be jointly owned indirectly by
Mr. Yingjie Gao, the Company's Chairman and Chief Executive
Officer, Ms. Rong Yu, the Company's Director and Chief
Financial Officer, and Ms. Yin Huang, a founder of the
Company. The merger is a going private transaction with Mr.
Yingjie Gao, Ms. Rong Yu and Ms.
Yin Huang. If completed, the
proposed merger would result in the Company becoming a privately
held company and its American depositary shares ("ADSs") would no
longer be listed on the NASDAQ Global Select Market. The
Company's Board of Directors, acting upon the unanimous
recommendation of the Independent Committee formed by the Board of
Directors, approved the Merger Agreement and resolved to recommend
that the Company's shareholders vote to approve the Merger
Agreement and the transactions contemplated by the Merger
Agreement, including the merger.
Shareholders of record as of the close of business in the
Cayman Islands on April 5, 2012 will be entitled to vote at the
EGM. The record date for ADS holders entitled to instruct
Citibank, N.A., the ADS depositary, to vote the shares represented
by the ADSs is the close of business in New York City on March
15, 2012. Additional information regarding the EGM and
the Merger Agreement can be found in the Transaction Statement on
Schedule 13E-3, and the proxy statement attached as Exhibit (a)(1)
thereto, filed with the Securities and Exchange Commission ("SEC"),
which can be obtained from the SEC's website
(http://www.sec.gov). In addition, shareholders and ADS
holders may receive the definitive proxy statement by mail by
directing requests to MacKenzie Partners, Inc., the firm assisting
the Company with this proxy solicitation, toll free at +1 800 322
2885 (or call collect at +1 212 929 5500 from outside of
the United States).
INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN
THEIR ENTIRETY THESE MATERIALS AND OTHER MATERIALS FILED WITH OR
FURNISHED TO THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT
THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS.
This announcement is neither a solicitation of proxy, an offer
to purchase nor a solicitation of an offer to sell any securities
and it is not a substitute for any proxy statement or other filings
that have been or will be made with the SEC.
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.
Company
Contact:
Xin
Lian, Senior Manager
China
GrenTech Corp. Ltd.
Tel: +86
755 2650 3007
E-mail:
investor@powercn.com
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SOURCE China GrenTech Corporation Limited