WEIFANG, China, Aug. 7, 2013 /PRNewswire/ -- Shengtai
Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) (''Shengtai'' or
''the Company'' or "We" or "Us" or "Our"), a manufacturer and
distributor in China of glucose
and starch as pharmaceutical raw materials and other starch and
glucose products, today announced that the Special Committee of its
Board of Directors received a letter from its Chairman, Mr.
Qingtai Liu ("Mr. Liu") on July 24,
2013 informing it that because he had been unsuccessful in
obtaining financing to fund the acquisition of all the outstanding
shares of common stock of the Company not currently owned by him
and his affiliates in a going-private transaction for cash
consideration of $1.65 per share (the
"Proposal"), he had decided to withdraw the Proposal immediately
and would file an amendment to the Schedule 13D/A previously filed
on March 25, 2013.
In connection to the withdrawal of the Proposal, the board of
directors of the Company voted unanimously on August 6, 2013 to dissolve the Special Committee
with immediate effect as it was initially set up to evaluate the
Proposal.
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly owned
subsidiary, Shengtai Holding, Inc., and the Chinese operating
company of Weifang Shengtai Pharmaceutical Co., Ltd., is a
manufacturer and distributor in china of glucose and starch
products as pharmaceutical raw materials, other starch products and
other glucose products such as corn meals, food and beverage
glucose and dextrin. For more information about Shengtai
Pharmaceutical, Inc., please visit
http://www.shengtaipharmaceutical.com.
Safe Harbor Statement
This press release may contain forward-looking
statements. Any statements set forth above that are not historical
facts are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors include,
but are not limited to, the Company's ability to secure debt
financing, the ability to complete the proposed transaction, the
ability to obtain approvals required to consummate the transaction,
the ability to develop and market new products, the ability to
access capital for expansion and continued investment in R&D,
the ability to acquire other companies, changes from anticipated
levels of sales, changes in national or regional economic and
competitive conditions, changes in relationships with customers,
changes in profit margins of principal product and other factors
discussed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law.
For more information, please contact:
Shengtai Pharmaceutical, Inc.
Ms. Yukie Ying Gao
Investor Relations Manager
Tel: +86-536-2188831
Email: shengtaicfo@163.com
SOURCE Shengtai Pharmaceutical, Inc.
