HARBIN, China, Oct. 21, 2011 /PRNewswire-Asia-FirstCall/ --
Harbin Electric, Inc. ("Harbin Electric" or the "Company";
NASDAQ: HRBN), a leading developer and manufacturer of a wide array
of electric motors in the People's
Republic of China, today reminded Harbin Electric
shareholders that the Special Meeting of Shareholders is to be held
on Saturday, October 29, 2011 at
9:00 a.m. Eastern Time at the offices
of Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10154. The Company urges
all shareholders to vote by proxy prior to the Special Meeting of
Shareholders to approve the Company's Agreement and Plan of Merger
dated as of June 19, 2011, as amended
(the "Merger Agreement"), with Tech Full Electric Company Limited
("Tech Full Electric") and Tech Full Electric Acquisition, Inc.
Only shareholders of record or their proxy holders will be
admitted to the Special Meeting. Shareholders who wish to
attend the Special Meeting need to pre-register no less than 24
hours before the meeting is scheduled to begin. Shareholders
can pre-register by contacting MacKenzie Partners, Inc., the
Company's proxy solicitor, by email:
harbinproxy@mackenziepartners.com or by phone: 800-322-2885 or
212-929-5500. The record date for voting is September 13, 2011. Any such holder
attending the meeting will need to bring his or her proxy card or
other proof of ownership as well as personal identification in
order to gain admittance and be able to vote at the
meeting.
Harbin Electric shareholders are advised to follow the
instructions on their proxy card to vote their shares by phone or
Internet TODAY. Shareholders' brokers cannot
vote shares unless the shareholder instructs him or her to do so.
Failure to vote will have the same practicable effect as
a vote against the $24 per share cash
merger since the merger requires a majority of non-affiliated
shares to vote "FOR" the merger.
Shareholders who have questions about the merger, who need
additional copies of the Company's proxy materials, or need
assistance in voting their shares are encouraged to contact
MacKenzie Partners.
Additional Information
This press release may be deemed to be solicitation material in
respect of the proposals described in the Company's definitive
proxy statement on Schedule 14A, filed by the Company on
September 29, 2011, as supplemented
by a supplement thereto filed by the Company on October 11, 2011. In connection with the proposed
merger, the Company has filed with, or furnished to the Securities
and Exchange Commission ("SEC"), all relevant materials, including
a definitive proxy statement on Schedule 14A, and has mailed the
definitive proxy statement on Schedule 14A to its shareholders. In
addition, on October 11, 2011,
certain participants in the proposed transaction filed with the SEC
Amendment No. 5 to a Schedule 13E-3 transaction statement and has
mailed to the Company's shareholders Amendment No. 5 to the
Schedule 13E-3 transaction statement. INVESTORS AND SHAREHOLDERS
ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS
AND OTHER MATERIALS FILED WITH OR FURNISHED TO THE SEC, AS THEY
CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED
MERGER, THE PERSONS SOLICITING PROXIES IN CONNECTION WITH THE
PROPOSED MERGER ON BEHALF OF THE COMPANY, AND THE INTERESTS OF
THOSE PERSONS IN THE PROPOSED MERGER AND RELATED MATTERS. This
press release is not a substitute for any proxy statement or other
filings that may be made with the SEC should the proposed merger go
forward. Shareholders are able to obtain copies of the Company's
definitive proxy statement, as supplemented and Amendment No. 5 to
the Schedule 13E-3 transaction statement by contacting MacKenzie
Partners, Inc. by email at harbinproxy@mackenziepartners.com or by
calling +1-212-929-5500 or Toll-Free at +1-800-322-2885. In
addition to receiving the Company's definitive proxy statement, as
supplemented and Amendment No. 5 to the Schedule 13E-3 transaction
statement by mail, shareholders also are able to obtain these
documents, as well as other filings containing information about
the Company, the proposed merger, and related matters, without
charge, from the SEC's website (http://www.sec.gov) or at the SEC's
public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549. In addition, these
documents can be obtained, without charge, by contacting the
Company at the following address and/or phone number:
Harbin Electric, Inc.
No. 9 Ha Ping Xi Lu, Ha Ping Lu Ji Zhong
Qu
Harbin Kai Fa Qu, Harbin, China
150060
Phone Number: 86-451-86116757
Certain of the Company's officers and employees may be deemed
participants in the solicitation of proxies in respect of the
proposals. Information about the Company's executive officers and
directors can be found in its Annual Report on Form 10-K for the
year ended December 31, 2010, filed
with the SEC on March 16, 2011.
Additional information regarding the interests of such potential
participants is included in the definitive proxy statement.
Safe Harbor Statement
The actual results of Harbin Electric, Inc. could differ
materially from those described in this press release. Detailed
information regarding factors that may cause actual results to
differ materially from the results expressed or implied by
statements in this press release may be found in the Company's
periodic filings with the SEC, including the factors described in
the section entitled "Risk Factors" in its annual report on Form
10-K/A for the year ended December 31,
2010, filed with the SEC on September
29, 2011. The Company does not undertake any obligation to
update forward-looking statements contained in this press release.
This press release contains forward-looking information about the
Company that is intended to be covered by the safe harbor for
forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as
"believe," "expect," "may," "will," "should," "project," "plan,"
"seek," "intend," or "anticipate" or the negatives thereof, or
comparable terminology, and include discussions of strategy, and
statements about industry trends and the Company's future
performance, operations and products.
A number of the matters discussed herein that are not historical
or current facts deal with potential future circumstances and
developments, in particular, whether and when the transactions
contemplated by the Merger Agreement will be consummated. The
discussion of such matters is qualified by the inherent risks and
uncertainties surrounding future expectations generally and also
may materially differ from actual future experience involving any
one or more of such matters. Such risks and uncertainties include:
any conditions imposed on the parties in connection with
consummation of the transactions described herein; adoption of the
Merger Agreement by the Company's shareholders; satisfaction of
various other conditions to the closing of the transactions
described herein; and the risks that are described from time to
time in the Company's reports filed with the SEC.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and
manufacturer of a wide array of electric motors with a focus on
innovative, customized, and value-added products. Its major product
lines include industrial rotary motors, linear motors, and
specialty micro-motors. The Company's products are purchased by a
broad range of domestic and international customers, including
those involved in the energy industry, factory automation, food
processing, packaging, transportation, automobile, medical devices,
machinery and tool manufacturing, chemical, petrochemical, as well
as in the metallurgical and mining industries. The Company operates
four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development
capability by recruiting talent worldwide and through collaboration
with top scientific institutions. The Company owns numerous patents
in China and has developed
award-winning products for its customers. Relying on its own
proprietary technology, the Company developed an energy efficient
linear motor driven oil pump, the first of its kind in the world,
for the largest oil field in China. Its self-developed linear motor
propulsion system is powering China's first domestically-made
linear-motor-driven metro train. As China continues to grow its industrial base,
Harbin Electric aspires to be a leader in the industrialization and
technology transformation of the Chinese manufacturing sector. To
learn more about Harbin Electric, visit www.harbinelectric.com.
For media inquiries, please contact:
Matt Sherman / Matt Cuneo / Nicole
Greenbaum
Joele Frank, Wilkinson Brimmer
Katcher
Tel: +1-212-355-4449
For investor inquiries, please contact:
Paul Schulman / Amy Bilbija
MacKenzie Partners, Inc.
Tel: +1-212-929-5364 (Mr. Schulman)
Tel: +1-650-798-5206 (Ms. Bilbija)
Christy Shue
Harbin Electric, Inc.
Executive VP, Finance & Investor Relations
Tel: +1-631-312-8612
Email: IR@HarbinElectric.com
Linda Bergkamp
Christensen Investor Relations
Tel: +1-480-614-3004
Email: LBergkamp@ChristensenIR.com
SOURCE Harbin Electric, Inc.