HARBIN, China, Nov. 3, 2011 /PRNewswire-Asia-FirstCall/ --
Harbin Electric, Inc. ("Harbin Electric" or the "Company"; NASDAQ:
HRBN), a leading developer and manufacturer of a wide array of
electric motors in the People's Republic
of China, today announced the completion of the closing of
the merger contemplated by the Agreement and Plan of Merger, dated
June 19, 2011, as amended, pursuant
to which the Company became a wholly-owned subsidiary of Tech Full
Electric Company Limited ("Tech Full Electric"), which is
controlled by Mr. Tianfu Yang, the
Company's Chairman and Chief Executive Officer.
Harbin Electric's shareholders immediately prior to the
effective time of the merger are entitled to receive $24.00 in cash for each share of Harbin Electric
common stock that they hold and will receive letters of transmittal
with instructions on how to deliver their shares of common stock to
the paying agent. Shareholders who hold shares of Harbin Electric
common stock through a bank or broker will not have to take any
action to have their shares converted into cash, as such
conversions will be handled by the bank or broker.
As a result of the merger, Harbin Electric is now a
privately-held company. As previously announced, trading of the
Company's common stock on the NASDAQ Global Select Market was
suspended after the close of trading on November 1, 2011 and NASDAQ filed a notification
of removal of listing and registration on Form 25 with the
Securities and Exchange Commission ("SEC") with respect to Harbin
Electric'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.
Safe Harbor Statement
The actual results of Harbin Electric, Inc. could differ
materially from those described in this press release. Detailed
information regarding factors that may cause actual results to
differ materially from the results expressed or implied by
statements in this press release may be found in the Company's
periodic filings with the SEC, including the factors described in
the section entitled "Risk Factors" in its annual report on Form
10-K/A for the year ended December 31,
2010, filed with the SEC on September
29, 2011. The Company does not undertake any obligation to
update forward-looking statements contained in this press release.
This press release contains forward-looking information about the
Company that is intended to be covered by the safe harbor for
forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as
"believe," "expect," "may," "will," "should," "project," "plan,"
"seek," "intend," or "anticipate" or the negatives thereof, or
comparable terminology, and include discussions of strategy, and
statements about industry trends and the Company's future
performance, operations and products.
A number of the matters discussed herein that are not historical
or current facts deal with potential future circumstances and
developments, in particular, whether and when the transactions
contemplated by the Merger Agreement will be consummated. The
discussion of such matters is qualified by the inherent risks and
uncertainties surrounding future expectations generally and also
may materially differ from actual future experience involving any
one or more of such matters. Such risks and uncertainties include:
any conditions imposed on the parties in connection with
consummation of the transactions described herein; adoption of the
Merger Agreement by the Company's shareholders; satisfaction of
various other conditions to the closing of the transactions
described herein; and the risks that are described from time to
time in the Company's reports filed with the SEC.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and
manufacturer of a wide array of electric motors with a focus on
innovative, customized, and value-added products. Its major product
lines include industrial rotary motors, linear motors, and
specialty micro-motors. The Company's products are purchased by a
broad range of domestic and international customers, including
those involved in the energy industry, factory automation, food
processing, packaging, transportation, automobile, medical devices,
machinery and tool manufacturing, chemical, petrochemical, as well
as in the metallurgical and mining industries. The Company operates
four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development
capability by recruiting talent worldwide and through collaboration
with top scientific institutions. The Company owns numerous patents
in China and has developed
award-winning products for its customers. Relying on its own
proprietary technology, the Company developed an energy efficient
linear motor driven oil pump, the first of its kind in the world,
for the largest oil field in China. Its self-developed linear motor
propulsion system is powering China's first domestically-made
linear-motor-driven metro train. As China continues to grow its industrial base,
Harbin Electric aspires to be a leader in the industrialization and
technology transformation of the Chinese manufacturing sector. To
learn more about Harbin Electric, visit www.harbinelectric.com.
For inquiries, please contact:
Christy Shue
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Harbin Electric, Inc.
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Executive VP, Finance &
Investor Relations
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Tel:
+1-631-312-8612
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Email:
IR@HarbinElectric.com
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SOURCE Harbin Electric, Inc.