BEIJING, June 23, 2014 /PRNewswire-FirstCall/ -- Yongye
International, Inc. (NASDAQ: YONG) ("Yongye" or the "Company"), a
leading developer, manufacturer, and distributor of crop nutrient
products in the People's Republic of
China, today announced that the parties are still working on
the logistics to complete the amended going private
transaction.
At the special meeting of stockholders of the Company (the
"Special Meeting") held on June 6,
2014, the Company's stockholders voted in favor of the
proposal to approve the agreement and plan of merger, dated as of
September 23, 2013, as amended on
April 9, 2014 (as so amended, the
"Amended Merger Agreement"), among the Company, Full Alliance
International Limited, a British Virgin
Islands company ("Holdco"), Yongye International Limited
("Parent"), a Cayman Islands
exempted company with limited liability wholly-owned by Holdco, and
Yongye International Merger Sub Limited, a Nevada corporation wholly-owned by Parent
("Merger Sub"), providing for the merger of Merger Sub with and
into the Company (the "Merger"), with the Company surviving the
Merger as a wholly-owned subsidiary of Parent.
The parties to the Amended Merger Agreement are currently still
working on the logistics to complete the Merger and expect to be
able to complete the Merger by the end of June 2014, subject to the satisfaction or waiver
of the conditions set forth in the Amended Merger Agreement.
In connection with the completion of the Merger, MSPEA
Agriculture Holding Limited ("MSPEA"), Lead Rich International
Limited ("Lead Rich") and The Hongkong and Shanghai Banking
Corporation Limited (the "Escrow Agent") have entered into an
amendment to the escrow agreement, dated September 23, 2013, among MSPEA, Lead Rich and
the Escrow Agent, to extend the term of the escrow agreement to
June 27, 2014, which may be further
extended to July 4, 2014 upon receipt
by the Escrow Agent prior to June 27,
2014 of written notice with respect to such extension
jointly executed by MSPEA and Lead Rich.
While the parties are working collectively to complete the
Merger as soon as possible, there is no assurance that the Merger
will be completed on the above timeline or at all. However, if
completed, the Merger would result in the Company becoming a
privately held company and its common stock would no longer be
listed on the NASDAQ Global Select Market.
About Yongye International, Inc.
Yongye International, Inc. is a leading crop nutrient company
headquartered in Beijing, with its
production facilities located in Hohhot, Inner Mongolia,
China. Yongye's principal product
is a liquid crop nutrient, from which the Company derived
substantially all of the sales in 2013. The Company also produces
powder animal nutrient product which is mainly used for dairy cows.
Both products are sold under the trade name "Shengmingsu," which
means "life essential" in Chinese. The Company's patented formula
utilizes fulvic acid as the primary compound base and is combined
with various micro and macro nutrients that are essential for the
health of the crops. The Company sells its products primarily to
provincial level distributors, who sell to the end-users either
directly or indirectly through county-level and village-level
distributors. For more information, please visit the Company's
website at www.yongyeintl.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, 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. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
Contacts
Yongye International, Inc.
Ms. Rain Xia
Phone: +86-10-8231-9608
E-mail: ir@yongyeintl.com
FTI Consulting
Mr. John
Capodanno (U.S. Contact)
Phone: +1-212-850-5705
E-mail: john.capodanno@fticonsulting.com
Ms. May Shen (China Contact)
Phone: +86-10-8591-1951
E-mail: may.shen@fticonsulting.com
SOURCE Yongye International, Inc.