IND Dairytech Limited Announces Completion of
30 July 2011 - 7:28AM
PR Newswire (Canada)
VANCOUVER, July 29, 2011 /CNW/ -- VANCOUVER, July 29, 2011 /CNW/ -
IND DairyTech Limited ("IND" or "the Company") (TSXV: IND)
announced today that it has completed its previously announced take
private transaction (the "Transaction"). Common shareholders
overwhelming approved the Transaction at an extraordinary general
meeting of the common shareholders held in Beijing, China on July
29, 2011 (the "Meeting"). Following the Meeting, the Company
completed the Transaction by consolidating all of the issued and
outstanding common shares and preferred shares of the Company on a
2 million to one basis, and then compulsorily redeeming all the
fractional common shares held by common shareholders who held less
than one whole post-consolidation common share on the basis of
$0.50 per pre-consolidation common share held (the
"Consideration"). Upon completion of the Transaction, only 7 common
shareholders remain in the Company, including Excel Advance
International Ltd. and Unique Way Technology Ltd., companies
controlled by Mr. Jesse Zhu, the Company's Chief Executive
Officer. SAIF Partners III L.P. remains as the sole holder of
the preferred shares. Registered shareholders must complete and
submit the letter of transmittal that was sent to them together
with the meeting materials in order to receive the Consideration
they are entitled to upon the completion of the Transaction.
A copy of the letter of transmittal can be found on the SEDAR
website at www.sedar.com. Beneficial holders of common shares
(e.g. shares held through brokers, investment dealers, banks, trust
companies or other nominees) should contact their broker or such
other intermediary holding shares on their behalf to arrange for
the delivery of the Consideration they are entitled to. It is
expected that the common shares of the Company will be delisted
from the TSX Venture Exchange in the first week of August 2011. The
preferred shares are not listed on a stock exchange. The Company
will also apply to the applicable securities regulatory authorities
to cease to be a reporting issuer in each province in which it is
currently a reporting issuer. About IND DairyTech Limited IND,
through its operating subsidiaries, is an emerging raw milk and
Holsteins producer in China that is seeking to become a leading
provider of high quality raw milk and Holsteins to the Chinese
dairy industry. To meet China's increasing demand for dairy
products, the Company is using Canadian cattle genetics and North
American farming practices to establish and develop its dairy herd
in China. The Company plans to develop its herd in China through
the use of advanced breeding techniques employing Canadian Holstein
embryos that it intends to use to impregnate surrogate cows. These
embryos have been created through in vitro fertilization using
sexed semen to achieve an approximate 90% female birth rate. The
use of these advanced breeding techniques is expected to allow the
Company to rapidly expand its herd. The use of Canadian Holstein
embryos also provides a practical solution to China's ban on the
import of live Canadian cattle. Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release. This news
release contains forward-looking statements relating to the
de-listing of the Common Shares from the Exchange and the Company's
application to the applicable securities regulatory authorities to
cease to be a reporting issuer in each province in which it is
currently a reporting issuer. Such forward-looking statements are
subject to important risks, uncertainties and assumptions. The
results or events predicted in these forward-looking statements may
differ materially from actual results or events. As a result, you
are cautioned not to place undue reliance on these forward-looking
statements. The completion of the de-listing of the Common Shares
from the Exchange and the Company's application to the applicable
securities regulatory authorities to cease to be a reporting issuer
in each province in which it is currently a reporting issuer are
subject to a number of terms and conditions, including, without
limitation, the approval of the Exchange and applicable securities
regulatory authorities. These approvals may not be obtained. The
forward-looking statements contained in this news release are made
as of the date of this release. Except as required by applicable
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. For
additional information with respect to certain of these and other
assumptions and risks, please refer to the management circular to
be filed by the Company with the applicable securities commissions,
which will be available at www.sedar.com. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/29/c8509.html
table valign="top" border="0" tr valign="top" td valign="top"
align="left" Jesse Zhubr/ Chief Executive Officerbr/ IND DairyTech
Limitedbr/ 604-522-1619 /td td /td td valign="top"
align="left" Selen Zhoubr/ Corporate Secretarybr/ IND DairyTech
Limitedbr/ 604-522-1619 /td /tr /table p /p
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