NEW YORK, Oct. 15, 2012
/PRNewswire/ -- Gushan Environmental Energy Limited ("Gushan"
or the "Company"; NYSE: GU), a manufacturer of copper products and
a producer of biodiesel in China,
announced today that, at an extraordinary general meeting of
shareholders held today (the "EGM"), the Company's shareholders
voted in favor of the proposal to approve and adopt the previously
announced agreement and plan of merger dated June 4, 2012, as amended on September 13, 2012 (the "Amended Merger
Agreement"), among Trillion Energy Holdings Limited ("Parent"), a
British Virgin Islands business
company limited by shares, Trillion Energy Investments Holdings
Limited, a Cayman Islands exempted
company wholly-owned by Parent ("Merger Sub"), Mr. Jianqiu Yu,
the Company's Chairman and Principal Executive Officer and the
Company, pursuant to which Merger Sub will merge with and into the
Company, with the Company continuing as the surviving company and a
wholly-owned subsidiary of Parent. Approximately 72.26% of the
Company's total outstanding ordinary shares voted in person or by
proxy at the EGM. Of the ordinary shares voted in person or by
proxy at the EGM, approximately 90.02% were voted in favor of the
proposal to approve and adopt the Amended Merger Agreement and the
transactions contemplated by the Amended Merger Agreement and
approximately 90.01% were voted in favor of the proposal to
authorize the directors of the Company to do all things necessary
to give effect to the Amended Merger Agreement. In addition, the
proposal to approve and adopt the Amended Merger Agreement was also
approved by approximately 72.85% of the unaffiliated ordinary
shares voted in person or by proxy at the EGM, satisfying the
"majority of the minority" voting requirement set forth in the
Amended Merger Agreement.
The parties expect to complete the merger as soon as
practicable, subject to the satisfaction or waiver of the
conditions set forth in the Amended Merger Agreement. If completed,
the merger would result in the Company becoming a privately held
company wholly-owned by Parent and the Company's American
depositary shares would no longer be listed on the New York Stock
Exchange.
About Gushan Environmental Energy Limited
Gushan operates a copper products business in China that manufactures copper rods, copper
wires, copper granules and copper plates primarily from recycled
copper. Currently, Gushan's copper products business has two
production facilities, with an aggregate daily production capacity
of approximately 210 tons of recycled copper products. Gushan also
produces biodiesel, a renewable, clean-burning and biodegradable
fuel and a raw material used to produce chemical products,
primarily from used cooking oil, and by-products from biodiesel
production, including glycerine and plant asphalt. Gushan sells
biodiesel directly to users, such as marine vessel operators and
chemical factories, as well as to petroleum wholesalers and
individual retail gas stations. The Company has seven production
facilities, located in the Sichuan, Hebei, Fujian
and Hunan provinces and in
Beijing, Shanghai and Chongqing, with a combined annual production
capacity of 490,000 tons. Currently, only Gushan's Sichuan production facility is in
operation.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by words such as "will," "may," "expect,"
"anticipate," "aim," "target," "intend," "plan," "believe,"
"estimate," "potential," "continue," and other similar statements.
Statements other than statements of historical facts in this press
release are forward-looking statements, including but not limited
to, the Company's expectations regarding the expansion of its
production capacities, its future business development, and its
beliefs regarding its production output. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about the Company and the industry. Important risks and
uncertainties that could cause the Company's actual results to be
materially different from expectations include but are not limited
to the effect of any applicable government policy, law or
regulation, of natural disasters, and of intensifying competition
in the biodiesel and alternative energy industries, the
availability of suitable raw materials to the Company, and the
risks set forth in the Company's filings with the U.S. Securities
and Exchange Commission ("SEC"), including on Form 20-F. The
Company undertakes no obligation to update forward-looking
statements, except as may be required by law. Although the Company
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
SOURCE Gushan Environmental Energy Limited