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8-K - FORM 8-K - China TransInfo Technology Corp. | d8k.htm |
Company Contact: | Investor Relations Contact: |
Ms. Fan Zhou, Investor Relations Director | Mr. John Harmon, CFA, Sr. Account Manager |
China TransInfo Technology Corp. | CCG Investor Relations |
E-mail: ir@ctfo.com | E-mail: john.harmon@ccgir.com |
Tel: + 86 105169 1657 | Tel: +86 106561 6886 ext 807 |
Website: www.ccgirasia.com | |
For Immediate Release: |
China TransInfo Technology Establishes
Special Committee to
Evaluate Going Private Proposal
Beijing, China February 23, 2012, China TransInfo Technology Corp. (NASDAQ: CTFO) (China TransInfo or the Company), a leading provider of comprehensive intelligent transportation systems in China through its affiliate, China TransInfo Technology Group Co., Ltd. (the Group Company), today announced that it has established a special committee (the Special Committee) to consider the proposal received by its board of directors from its Chairman and Chief Executive Officer, Mr. Shudong Xia ("Mr. Xia") on February 19, 2012, and to evaluate any additional proposal that Mr. Xia may make. In that proposal, Mr. Xia stated that he intends to acquire all of the outstanding shares of common stock of China TransInfo not currently owned by him in a going private transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with Mr. Xia or any other transaction will be approved or consummated.
The Special Committee is composed of the following independent directors of the Company: Mr. Xingming Zhang, Mr. Zhongsu Chen, Mr. Dan Liu and Mr. Walter Teh Ming Kwauk. The Special Committee has elected Mr. Xingming Zhang as its chairman. The Special Committee was directed to consider any proposal made by Mr. Xia and his affiliates, if any, and the Special Committee has the authority to retain independent legal and financial advisors to assist it.
About China TransInfo
China TransInfo, through its affiliate, the Group Company and the Group Companys PRC operating subsidiaries, is primarily focused on providing urban and highway transportation management solutions and information services. The Company is a leading transportation information products and comprehensive solutions provider, and aims to be the largest real time transportation information service provider and major fleet management service provider in China. As the co-formulator of several transportation technology national standards, the Company owns nine patents and has won a majority of the model cases awarded by the PRC Ministry of Transport. As a result, the Company is playing a key role in setting the standards for transportation information solutions in China. For more information, please visit the Companys website at http://www.chinatransinfo.com.
Safe Harbor Statement
This press release contains certain statements that may include
forward looking statements. All statements other than statements of historical
fact included herein are forward-looking statements. These forward looking
statements are often identified by the use of forward-looking terminology such
as believes, expects or similar expressions. Although the Company believes
that the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. You should not place undue reliance on
these forward-looking statements, which speak only as of the date of this press
release. The Companys actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including those discussed in the Companys periodic reports that are
filed with the Securities and Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking
statements attributable to the Company or persons acting on its behalf are
expressly qualified in their
entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.