WEIFANG, China, April 23, 2012 /PRNewswire-Asia/ -- Shengtai
Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) ("Shengtai" or "the
Company" or "We" or "Us"), a manufacturer and distributor in
China of glucose and starch as
pharmaceutical raw materials and other starch and glucose products,
today announced that it has established a special
committee of its board of directors (the "Special Committee")
to consider the preliminary, non-binding proposal received from
Shengtai's Chairman and Chief Executive Officer, Mr. Qingtai Liu,
on April 17, 2012 to acquire all of
the outstanding shares of the Company's common stock not
currently owned by him in a going private transaction (the "Liu
Proposal").
The Special Committee is composed of the following independent
directors of the Company: Mr. Tao Jin, Mr. Lawrence Lee, and Mr. Yaojun Liu. Mr. Tao
Jin was elected as the chairman of the Special Committee by the
Special Committee members. The Special Committee will retain
legal advisor and independent financial advisor to assist it in its
evaluation of the Liu Proposal and any additional proposal that may
be made by Mr. Liu and his affiliates, if any.
No decisions have been made by the Special Committee with
respect to the Company's response to the Liu Proposal and there can
be no assurance that any definitive offer will be made, that any
agreement will be executed, or that the Liu Proposal or any other
transaction will be approved or consummated.
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly owned
subsidiary, Shengtai Holding, Inc. (SHI), 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.
Forward Looking Statements
Certain statements in this press release and oral statements
made by the Company constitute forward-looking statements
concerning the Company's business and products. These statements
include, without limitation, statements regarding our ability to
prepare the Company for growth, the Company's planned capacity
expansion and predictions and guidance relating to the Company's
future financial performance. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs, but they involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements, which may include, but are not limited
to, such factors as unanticipated changes in product demand
especially in the pharmaceutical industry, pricing and demand
trends for the Company's products, changes to government
regulations, risk associated with operation of the Company's new
facilities, risk associated with large-scale implementation of the
Company's business plan, the ability to attract new customers,
ability to increase its product's applications, cost of raw
materials, downturns in the Chinese economy, and other information
detailed from time to time in the Company's filings and future
filings with the United States Securities and Exchange Commission.
Investors are urged to consider these factors carefully in
evaluating the forward-looking statements herein and are cautioned
not to place undue reliance on such forward-looking statements,
which are qualified in their entirety by this cautionary statement.
The forward-looking statements made herein speak only as of the
date of this press release and the Company undertakes no duty to
update any forward-looking statement to conform the statement to
actual results or changes in the Company's expectations.
For more information, please contact:
Shengtai Pharmaceutical, Inc.
Investor Relations
Tel: +86-536-2188831
SOURCE Shengtai Pharmaceutical, Inc.
