Winner Medical's Special Committee Appoints Independent Financial Advisor and Retains Legal Counsel
SHENZHEN, China, April 20, 2012 /PRNewswire-Asia/ -- Winner Medical Group Inc. (Nasdaq: WWIN) ("Winner Medical" or the "Company") today announced that a special committee of the Company's board of directors (the "Special Committee") has appointed William Blair & Company, L.L.C. as its independent financial advisor. Cleary Gottlieb Steen & Hamilton, L.L.P. has been retained as the Special Committee's legal counsel.
As previously announced, the Company's board of directors formed the Special Committee to review and evaluate the April 1, 2012 non-binding proposal from its chairman and chief executive officer, Mr. Jianquan Li, to acquire all of the outstanding shares of the Company's common stock not currently owned by him and his wife, Ms. Ping Tse. The Special Committee is considering Mr. Li's proposal as well as the Company's other alternatives. There can be no assurance that the Special Committee will recommend Mr. Li's proposal, nor can there be any assurance as to when, if ever, or on what terms any alternative transaction will be consummated.
About Winner Medical
Winner Medical is a leading China-based exporter and retailer of high-quality medical dressings and consumer products made from 100% cotton, according to industry trade association statistics. The Company has fourteen wholly-owned subsidiaries and four joint ventures, which manufacture and sell tailored medical dressings and disposables, as well as non-woven fabric made from natural cotton. With a vertically integrated supply chain ranging from spinning fabric to finished goods, the Company provides its customers with a wide range of high-quality products, from surgical and wound care to consumer goods in China and abroad. Its products include those with FDA, CE mark, TUV and other global standard certifications and the Company holds 54 domestic and international patents. For nine consecutive years, the Company has ranked as one of the leading medical dressing exporters in China, with North America, Europe and Japan as its major markets. In addition, the Company distributes under its own "Winner" and "PurCotton" brand names in China. To learn more about Winner Medical, please visit Winner Medical's website at: http://winnermedical.investorroom.com.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included herein, are "forward-looking statements" including statements regarding Winner Medical and its subsidiary companies' business strategy, plans and objectives and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Although Winner Medical believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions and involve known and unknown risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Winner Medical's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Winner Medical's periodic reports that are filed with and available from the SEC. All forward-looking statements attributable to Winner Medical or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Winner Medical does not assume a duty to update these forward-looking statements.
SOURCE Winner Medical Group Inc.