SHENZHEN, China, March 31, 2011 /PRNewswire-Asia-FirstCall/ --
Tongjitang Chinese Medicines Company ("Tongjitang" or the
"Company"; NYSE: TCM), announced today that, at an extraordinary
general meeting held today, the Company's shareholders voted in
favor of the proposal to adopt the previously disclosed Agreement
and Plan of Merger, dated as of October 29,
2010, as amended on February 21,
2011 (the "Merger Agreement"), among Tongjitang, Hanmax
Investment Limited ("Hanmax"), Fosun Industrial Co., Limited
("Fosun"), and Tonsun International Company Limited ("Merger Sub"),
a company owned by Hanmax and Fosun, pursuant to which Merger Sub
will be merged with and into Tongjitang with Tongjitang being the
surviving corporation. Of the ordinary shares voted at the
extraordinary general meeting, approximately 99.68% were voted in
favor of the proposal to adopt the Merger Agreement.
If the merger is completed as the parties expect, Tongjitang
will continue its operations as a privately-held company owned
solely by Hanmax and Fosun. The parties currently expect the merger
to close in April 2011.
About Tongjitang Chinese Medicines Company
Tongjitang Chinese Medicines Company, through its operating
subsidiaries Guizhou Tongjitang Pharmaceutical Co., Ltd., Guizhou
Long-Life Pharmaceutical Company Limited, Qinghai Pulante
Pharmaceutical Co., Ltd. and Anhui Jingfang Pharmaceutical Co.,
Ltd., is a vertically integrated specialty pharmaceutical company
focused on the development, manufacturing, marketing and selling of
modernized traditional Chinese medicine in China. Tongjitang's principal executive
offices are located in Shenzhen,
China.
Tongjitang's flagship product, Xianling Gubao, is the leading
traditional Chinese medicine for the treatment of osteoporosis in
China as measured by sales in
Renminbi. In addition to Xianling Gubao, the Company manufactures
and markets 35 other modernized traditional Chinese medicine
products and 36 western medicines. Please visit www.tongjitang.com
for more information.
Safe Harbor Statements
This announcement contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company and the industry. Information regarding these risks,
uncertainties and other factors is included in the
Company's most recent annual report on Form 20-F, the
Company's notice of extraordinary general meeting and
proxy statement filed as exhibits to the Schedule 13E-3 transaction
statement regarding the proposed merger and other filings with the
SEC. The Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or to changes in its expectations, except as may be required by
law. Although the Company believes that the expectations expressed
in these forward looking statements are reasonable, they cannot
assure you that their expectations will turn out to be correct, and
investors are cautioned that actual results may differ materially
from the anticipated results.
CONTACT
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ICR, LLC
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Ashley M. Ammon
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203-682-8200 (Investor
Relations)
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SOURCE Tongjitang Chinese Medicines Company