Yucheng Technologies Limited Announces Shareholders' Approval of
the Merger Agreement and Election of Directors
BEIJING, Dec. 27, 2012 /PRNewswire/ -- Yucheng
Technologies Limited (NASDAQ: YTEC, "Yucheng" or the "Company"), a
leading provider of IT Solutions to the financial services industry
in China, announced today that, at
an extraordinary general meeting of shareholders held today (the
"EGM"), the Company's shareholders voted in favor of the proposal
to approve the previously announced agreement and plan of merger
dated August 13, 2012 (the "Merger
Agreement"), among the Company, New Sihitech Limited ("Parent"), a
British Virgin Islands business
company wholly owned by Mr. Weidong
Hong, chairman of the board of directors and chief executive
officer of the Company, and New Sihitech Acquisition Limited
("Merger Sub"), a British Virgin
Islands business company wholly owned by Parent, pursuant to
which Merger Sub will merge with and into the Company, with the
Company continuing as the surviving company and wholly owned by
Parent (the "merger").
Approximately 76.44% of the Company's total outstanding ordinary
shares were voted in person or by proxy at the EGM. Of the ordinary
shares voted in person or by proxy at the EGM, approximately 92.80%
were voted in favor of the proposal to approve the Merger Agreement
and the transactions contemplated therein, including the merger,
and approximately 92.79% were voted in favor of the proposal to
authorize the directors of the Company to do all things necessary
to give effect to the Merger Agreement.
Each director nominee, Weidong
Hong, Jeffrey R. Williams,
Tianqing Chen, Yingjun Li, Zhengong Chang and Ning Jia, was elected to the board of directors
by shareholders representing at least a majority of the shares
present and voting in person or by proxy at the EGM.
The parties expect to complete the merger as soon as
practicable. Once the merger becomes effective under the laws of
the British Virgin Islands, the
Company's shares will no longer be listed on the NASDAQ Global
Select Market. Public shareholders of the Company will receive cash
payments of $3.90 per share in return
for their shares.
About Yucheng Technologies Limited
Yucheng Technologies Limited (NASDAQ: YTEC) is a leading IT
service provider to the Chinese financial service providers.
Headquartered in Beijing, China,
Yucheng services clients from its nationwide network with
approximately 2,800 employees. Yucheng provides a comprehensive
suite of IT solutions to Chinese Banks including: (i) Channel
Solutions, such as e-banking and call centers; (ii) Business
Solutions, such as core banking systems and loan management; and
(iii) Management Solutions, such as risk analytics and business
intelligence. The independent research firm IDC named Yucheng the
No. 1 market share leader in China's Banking IT solution market in 2010 and
2011. For more information about Yucheng Technologies Limited,
please visit www.yuchengtech.com.
Cautionary Note Regarding Forward-Looking Statements
The information contained in this document is as of
December 27, 2012. Yucheng assumes no
obligation to update any forward-looking statements contained in
this document as a result of new information or future events or
developments.
This press release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Forward looking statements are statements that are not historical
facts. 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. Such forward-looking statements, based upon the
current beliefs and expectations of Yucheng's management, are
subject to risks and uncertainties, which could cause actual
results to differ from the forward looking statements. The
following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements:
current dependence on the PRC banking industry demand for the
products and services of Yucheng; competition from other service
providers in the PRC and international consulting firms; the
ability to update and expand product and service offerings;
retention and hiring of qualified employees; protection of
intellectual property; creating and maintaining quality product
offerings; and operating a business in the PRC with its changing
economic and regulatory environment. A further list and description
of these risks, uncertainties, and other matters can be found in
the Company's Annual Report on Form 20-F for the fiscal year ended
December 31, 2011, and in the
Company's interim current reports on Form 6-K filed with the United
States Securities and Exchange Commission and available at
www.sec.gov.
For investor and media inquiries, please contact:
In China:
Mr. Steve Dai
Yucheng Technologies Limited
Tel: +86-10-5913-7889
Email: investors@yuchengtech.com
SOURCE Yucheng Technologies Limited
