BEIJING, June 1, 2012 /PRNewswire-Asia-FirstCall/ --
Yucheng Technologies Limited (Nasdaq: YTEC) ("Yucheng," the
"Company," "we," "us" and "our"), a leading provider of IT
solutions to the financial services industry in China, today announced that the Independent
Committee of the Company's board of directors (the "Independent
Committee") has appointed Roth Capital Partners, LLC as its
financial advisor and Cleary Gottlieb
Steen & Hamilton LLP as its United States legal counsel.
As previously announced, the Company's board of directors formed
the Independent Committee to review and evaluate the May 21, 2012 non-binding proposal from its
chairman and chief executive officer, Mr. Weidong Hong, to acquire all of the outstanding
shares of the Company not currently owned, legally or beneficially,
by Mr. Hong and companies controlled by Mr. Hong. The Independent
Committee is considering Mr. Hong's proposal. The Independent
Committee has not set a definitive timetable to complete its
evaluation of Mr. Hong's proposal. There can be no assurance that
any definitive offer will be made, that any agreement will be
executed, that the Independent Committee will recommend Mr. Hong's
proposal or that this or any other transaction will be approved or
consummated.
About Yucheng Technologies Limited
Yucheng Technologies Limited (NASDAQ: YTEC) is a leading IT
service provider to the Chinese financial service providers.
Headquartered in Beijing, China,
Yucheng services clients from its nationwide network with
approximately 2,800 employees. Yucheng provides a comprehensive
suite of IT solutions to Chinese banks including: (i) Channel
Solutions, such as e-banking and call centers; (ii) Business
Solutions, such as core banking systems and loan management; and
(iii) Management Solutions, such as risk analytics and business
intelligence. The independent research firm IDC named Yucheng the
No. 1 market share leader in China's banking IT solutions market in 2010.
For more information about Yucheng Technologies Limited, please
visit www.yuchengtech.com.
Cautionary Note Regarding Forward-Looking Statements
The information contained in this document is as of
June 1, 2012. Yucheng assumes no
obligation to update any forward-looking statements contained in
this document as a result of new information or future events or
developments.
This press release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Forward looking statements are statements that are not historical
facts. Forward-looking statements generally can be identified by
the use of forward looking terminology, such as ''may,'' ''will,''
''expect,'' ''intend,'' ''estimate,'' ''anticipate,'' ''believe,''
''project'' or ''continue'' or the negative thereof or other
similar words. Such forward-looking statements, based upon the
current beliefs and expectations of Yucheng's management, are
subject to risks and uncertainties, which could cause actual
results to differ from the forward looking statements. The
following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements:
current dependence on the PRC banking industry demand for the
products and services of Yucheng; competition from other service
providers in the PRC and international consulting firms; the
ability to update and expand product and service offerings;
retention and hiring of qualified employees; protection of
intellectual property; creating and maintaining quality product
offerings; and operating a business in the PRC with its changing
economic and regulatory environment. A further list and description
of these risks, uncertainties and other matters can be found in our
Annual Report on Form 20-F for the fiscal year ended
December 31, 2011 and in our interim current reports on Form
6-K filed with the United States Securities and Exchange Commission
and available at www.sec.gov.
For more information about Yucheng, please visit
www.yuchengtech.com.
For investor and media inquiries, please
contact:
In China:
Mr. Steve Dai
Yucheng Technologies Limited
Tel: +86-10-5913-7889
Email: investors@yuchengtech.com
SOURCE Yucheng Technologies Limited
