BEIJING, July 12, 2018 /PRNewswire/ -- China New Borun
Corporation (NYSE: BORN) (the "Company"), a leading producer and
distributor of corn-based edible alcohol in China, today announced that the special
committee of the Board of Directors (the "Special Committee") has
recently received a notice from Mr. Jinmiao
Wang ("Mr. Wang"), Chief Executive Officer and Chairman of
the Board of Directors, and King River Holding Limited
("King River"), a British Virgin
Island company and a majority shareholder of the Company, stating
that they have withdrawn the non-binding going private proposal
(the "Proposal") dated January 10, 2018. The notification
stated that Mr. Wang and King River
had determined not to proceed with the Proposal. As a result, the
Special Committee was dissolved on July 12,
2018.
About China New Borun Corporation
The Company is a leading producer and distributor of corn-based
edible alcohol sold as an ingredient to producers of baijiu, a
popular grain-based alcoholic beverage in China. The Company also produces DDGS Feed,
liquid carbon dioxide and crude corn oil as by-products of edible
alcohol production, and CPE that is widely used in chemical
industries. China New Borun is based
in Shouguang, Shandong Province.
Additional information about the company can be found at
http://www.chinanewborun.com and in documents filed with the
U.S. Securities and Exchange Commission, which are available on the
SEC's website at http://www.sec.gov.
Forward-looking Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," similar expressions, and variations or negatives of
these words. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and
assumptions that could cause our actual results to differ
materially and adversely from those expressed in any
forward-looking statement.
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SOURCE China New Borun Corporation
