BEIJING, Feb. 2, 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 its Board of
Directors (the "Board") has formed a special committee consisting
of three independent directors (the "Special Committee") to
consider the previously announced non-binding "going-private"
proposal (the "Proposal") that the Board received on January 10, 2018 from Mr. Jinmiao Wang, Chief Executive Officer and
Chairman of the Board, and King River Holding Limited, a British
Virgin Island company and a majority shareholder of the
Company.
Messrs. Wen Jiang, Xisheng Lu and
Binbin Jiang will serve on the Special Committee, which will
be chaired by Mr. Wen Jiang. The Special Committee intends to
retain independent legal and financial advisors to assist it in
evaluating the Proposal.
The Company cautions its shareholders and others considering
trading in its securities that neither the Board nor the
Special Committee has made any decision with respect to the
Company's response to the Proposal. There can be no assurance that
any definitive offer will be made, that any agreement will be
executed or that this or any other transaction will be approved or
consummated. The Company does not undertake any obligation to
provide any updates with respect to this or any other transaction,
except as required under applicable law.
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.
Contact Information
Asia Bridge Capital Limited
Michael Tieu
Phone: +86-10-8556-9033 (China)
+1-888-870-0798 (U.S.)
Email: Michael.tieu@asiabridgegroup.com
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SOURCE China New Borun Corporation