BEIJING, May 29, 2014 /PRNewswire/ -- Ninetowns Internet
Technology Group Company Limited (NASDAQ: NINE) ("Ninetowns" or the
"Company"), one of China's leading
providers of online solutions for international trade, today
announced that, at an extraordinary general meeting held today, the
Company's shareholders voted in favor of the proposal to approve
the previously announced agreement and plan of merger dated
January 29, 2014 (the "Merger
Agreement"), among the Company, Ninetowns Holdings Limited
("Parent") and Ninetowns Merger Sub Limited ("Merger Sub"),
pursuant to which Merger Sub will be merged with and into the
Company with the Company surviving the merger as a wholly owned
subsidiary of Parent (the "Merger"). Of the Company's ordinary
shares entitled to vote at the extraordinary general meeting,
approximately 86.3% of such ordinary shares were voted in person or
by proxy at today's meeting. The proposal to approve the Merger
Agreement and the transactions contemplated thereby, including the
Merger, received approval from (i) holders of approximately 97.6%
of the ordinary shares present and voting in person or by proxy as
a single class at the extraordinary general meeting and (ii)
approximately 96.5% of the ordinary shares held by shareholders
(excluding the shareholders who are members of the buyer consortium
that will indirectly own 100% of the Company if the Merger is
completed) present and voting in person or by proxy as a single
class at the extraordinary general meeting.
Completion of the Merger is subject to the satisfaction or
waiver of the conditions set forth in the Merger Agreement. The
Company will work with the various other parties to the Merger
Agreement to satisfy all other conditions precedent to the Merger
set forth in the Merger Agreement and complete the Merger as
quickly as possible. If and when completed, the Merger would result
in the Company becoming a privately held company and its American
depositary shares, each representing one ordinary share, would no
longer be listed on the NASDAQ Global Market.
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
Certain statements in this press release include forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
can be identified by the use of forward-looking terminology, such
as "may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "project" or "continue" or the negative thereof or other
similar words. All forward-looking statements involve risks and
uncertainties, including, but not limited to, the possibility that
various closing conditions for the transaction may not be satisfied
or waived and other risks and uncertainties discussed in documents
filed with the SEC by the Company. Actual results may differ
materially from those discussed in, or implied by, the
forward-looking statements. The forward-looking statements speak
only as of the date of this release and the Company assumes no duty
to update them to reflect new, changing or unanticipated events or
circumstances.
ABOUT NINETOWNS INTERNET TECHNOLOGY GROUP COMPANY
LIMITED
Ninetowns (NASDAQ: NINE) is a leading provider of online
solutions for international trade, with its key services in
automating import/export e-filing. Ninetowns has been listed on the
NASDAQ Stock Exchange since December
2004 under the symbol "NINE". More information can be found
at ir.ninetowns.com.
Contacts:
Investor Relations (Beijing)
Jack Jiang
Financial Controller
Ninetowns Internet Technology Group Company Limited
+86 (10) 6589-9822
jiangshipeng@ninetowns.com
Investor Relations (U.S.)
Roland Tomforde
Managing Director
Taylor Rafferty
+1 (212) 889 4350
ninetowns@taylor-rafferty.com
SOURCE Ninetowns Internet Technology Group Company Limited
