New Energy Systems Group Receives the Withdraw Notice of Non-Binding Going Private Proposal From Its Chairman
26 March 2013 - 11:30PM
Marketwired
SHENZHEN,
CHINA--(Marketwire - March 26, 2013) - New
Energy Systems Group (NYSE MKT: NEWN) ("New Energy" or the
"Company"), an original design manufacturer and distributor of
Anytone® and MeePower® branded consumer backup power systems for
mobile devices and solar related application products to service
municipal power applications, today announced that its Board of
Directors has received a notice from its Chairman and Chief
Executive Officer, Mr. Weihe ("Jack") Yu, to withdraw his
preliminary, non-binding proposal dated February 28, 2013, which
stated that Mr. Yu intends to acquire all of the outstanding shares
of the Company's common stock not currently owned by him in a going
private transaction at a proposed price of $1.30 per share in cash.
Mr. Yu currently beneficially owns approximately 13.65% of the
Company's common stock.
Mr. Weihe ("Jack") Yu, Chairman and CEO of New Energy Systems
Group, said, "The Company and I received many responses after my
proposal letter was announced. Based on these feedbacks, I decided
to withdraw my prior proposal letter. However, considering the
Company's current situation and future development, the Company and
I together will seek more applicable solutions for the
Company."
About New Energy Systems
Group New Energy Systems Group is an original design
manufacturer and distributor of lithium ion batteries and backup
power systems for leading manufacturers of mobile phones, laptops,
digital cameras, MP3s and a variety of other portable electronics.
The Company's end-user consumer products are sold under the
Anytone® and MeePower® brand in China and globally. The fast pace
of new mobile device introductions in China combined with a growing
middle class make it fertile ground for New Energy's end-user
consumer products. Additional information about the company is
available at: www.newenergysystemsgroup.com.
Forward Looking StatementsThis
release contains certain "forward-looking statements" relating to
the business of the Company and its subsidiary and affiliated
companies. These forward-looking statements are often identified by
the use of forward-looking terminology such as "believes,"
"expects" or similar expressions. Such forward-looking statements
involve known and unknown risks and uncertainties that may cause
actual results to be materially different from those described
herein as anticipated, believed, estimated or expected. Investors
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's 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 Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (www.sec.gov). All
forward-looking statements attributable to the Company or to
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.
For more information, please contact:COMPANYNew Energy Systems
GroupKen LinVP of Investor RelationsTel: +1-917-573-0302Email:
ken@newenergysystemsgroup.com www.newenergysystemsgroup.com
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