CARLSTADT, N.J., Sept. 29,
2015 /PRNewswire/ -- Jinpan International Limited (Nasdaq:
JST), a leading designer, manufacturer, and distributor of cast
resin transformers, today announced that its Board of Directors has
established a special committee (the "Independent Committee") to
consider the preliminary, non-binding proposal letter dated
September 15, 2015 from Zhiyuan Li, the Company's Chairman of the Board
of Directors, President, and Chief Executive Officer
and Forebright Smart Connection Technology
Limited (collectively, with Mr. Li, the "Buyer Parties"), to
acquire all of the outstanding common shares of the Company not
currently owned by the Buyer Parties in a going private
transaction.
The Independent Committee is composed of Dr. Li-Wen Zhang, Dr. Xu
Cai and Ms. Jing Zhang, each
of whom are independent directors of the Company. The
Board of Directors appointed Dr. Li-Wen
Zhang as the Chairperson of the Independent
Committee. The Independent Committee is in the process
of engaging a financial advisor and legal counsel to assist it in
its work.
The Board of Directors cautions the Company's shareholders and
others considering trading in its securities that no decisions have
been made by the Independent Committee with respect to the
Company's response to the proposal. 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. The Company does not undertake any
obligation to provide any updates with respect to the proposed
transaction, except as required under applicable law.
About Jinpan International Limited
Jinpan International Limited (NASDAQ: JST) designs,
manufactures, and markets electrical control and distribution
equipment used in demanding industrial applications, utility
projects, renewable energy installations, and infrastructure
projects. Major products include cast resin transformers, VPI
transformers and reactors, switchgears, and unit substations.
Jinpan serves a wide range of customers in China and reaches international markets as a
qualified supplier to leading global industrial electrical
equipment manufacturers. Jinpan is one of the largest
manufacturers of cast resin transformers in China by production capacity. Jinpan's
four manufacturing facilities in China are located in the cities of
Haikou, Wuhan, Shanghai and Guilin. The Company was founded
in 1993. Its principal executive offices are located in
Haikou, Hainan, China and its United States office is based in Carlstadt, New Jersey. For more
information, visit www.jinpaninternational.com.
Safe Harbor Provision
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations and
involve known and unknown risks, and uncertainties or other factors
not under the Company's control, which may cause actual results,
performance or achievements of the company to be materially
different from the results, performance or other expectations
implied by these forward-looking statements. These factors are
listed from time-to-time in our filings with the Securities and
Exchange Commission, including, without limitation, our Annual
Report on Form 20-F for the period ended December 31, 2014 and our subsequent reports on
Form 6-K. Except as required by law, we are not under any
obligation, and expressly disclaim any obligation, to update or
alter any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Jinpan International Limited