HONG KONG, Aug. 29, 2012 /PRNewswire-Asia/ -- LJ
International Inc. ("LJI" or the "Company," NASDAQ: JADE), a
leading colored gemstone and diamond jeweler with retail and
wholesale businesses, today announced that the special committee of
the Company's Board of Directors (the "Special Committee") has
appointed Houlihan Lokey as its
independent financial advisor.
As previously announced, the Company's Board of Directors formed
the Special Committee to review and evaluate the August 13, 2012 non-binding proposal from Mr.
Yu Chuan Yih, Chairman of the Board
of Directors, President and Chief Executive Officer of the Company,
and Urban Prosperity Holding Limited, an affiliate of FountainVest
Partners, to acquire all of the outstanding ordinary shares of the
Company not currently owned by Mr. Yih at a proposed price of
$2.00 per ordinary share, in cash,
subject to certain conditions (the "Proposal").
The Special Committee is considering the Proposal, as well as
the Company's other strategic alternatives. No decisions have been
made by the Special Committee with respect to the Company's
response to the Proposal. The Special Committee has not set a
definitive timetable for the completion of its evaluation of the
Proposal or any other alternative and does not currently intend to
announce developments unless and until an agreement has been
reached. There can be no assurance that any definitive offer will
be made, that any agreement will be executed, or that the Proposal
or any other transaction will be approved or consummated.
About LJ International Inc.
LJ International Inc. (LJI) (NASDAQ:JADE) is engaged in the
designing, branding, marketing and distribution of its full range
of jewelry. It has built its global business on a vertical
integration strategy, and an unwavering commitment to quality and
service. Through its China-based
ENZO retail chain stores, LJI is now a major presence in
China's fast-growing retail
jewelry market. As a wholesaler, it distributes to fine jewelers,
department stores, national jewelry chains and electronic and
specialty retailers throughout North
America and Western Europe.
Its product lines incorporate all major categories, including
earrings, necklaces, pendants, rings and bracelets. For more
information about the Company, visit the Company's website at
www.ljintl.com.
Cautionary Note Regarding Forward-Looking
Statements: This press release may contain
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects" and
similar references to future periods. Forward-looking
statements are based on our current expectations and assumptions
regarding our business, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our
actual results may differ materially from those contemplated by the
forward-looking statements. They are neither statements of
historical fact nor guarantees or assurances of future performance.
We caution you therefore against relying on any of these
forward-looking statements. Factors that could cause actual results
to differ materially from such statements, as well as additional
risk factors, are detailed in the Company's most recent filings
with the Securities and Exchange Commission. Any forward-looking
statement made by us in this press release speaks only as of the
date on which it is made. We undertake no obligation to
publicly update any forward-looking information contained in this
press release or with respect to the announcements described
herein, except as may be required by law.
Investor Relations contact:
LJ International Inc.
Ringo Ng
Chief Financial Officer
E : ir@ljintl.com
Fleishman-Hillard Inc.
E : ir@ljintl.com
T : 852-2530 0228
SOURCE LJ International Inc.
