China Zenix's Special Committee Appoints Advisors
ZHANGZHOU, China, April 30, 2014 /PRNewswire/ -- The Special Committee of the Board of Directors of China Zenix Auto International Limited (NYSE: ZX) ("the Company") today announced that it has retained American Appraisal China Limited to provide valuation services and Morrison & Foerster LLP as its special legal advisor to assist the Special Committee in its work.
As previously announced, the Special Committee was established to, among other things, consider the preliminary non-binding proposal letter (the "Proposal") for a restructuring of the Company's business, dated November 23, 2013, from Mr. Jianhui Lai, the chairman of the Company's board of directors and chief executive officer, and RichWise International Investment Group Limited and certain of its affiliated entities. The Special Committee is also authorized to consider other alternatives that may be available to the Company.
The Company cautions its shareholders and others considering trading in its securities that the Special Committee is continuing its evaluation of the Proposal and no decisions have been made by the Special Committee with respect to its response to the Proposal. There can be no assurance that any definitive offer will be made by the Consortium, that any agreement will be executed, or that the Proposal or any other transaction will be approved or consummated. The Special Committee has not set a definitive timetable for the completion of its evaluation of the Proposal or any other strategic alternatives. The Special Committee undertakes no obligation to, and does not currently intend to announce developments unless and until an agreement has been reached.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. With a large intellectual property portfolio, the Company offers more than 430 series of tubed steel wheels, tubeless steel wheels, and off-road steel wheels in both the aftermarket and OEM market in China and internationally. The Company's customers include group members of a number of large PRC commercial vehicle manufacturers, and it also exports products to over 80 distributors in more than 30 countries worldwide. With five large, strategically located manufacturing facilities in multiple regions across China, the Company has an aggregate annual production capacity of approximately 15.0 million units of steel wheels as of September 30, 2013. For more information, please visit: http://www.zenixauto.com/en
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
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SOURCE China Zenix Auto International Limited