ZHONGSHAN, China, Oct. 27, 2015
/PRNewswire/ -- China Ming Yang Wind Power Group Limited
("Ming Yang") (NYSE: MY), a
leading wind energy solution provider in China, today announced that it has completed
the acquisition of the remaining 1% stake of China Smart Electric
Group Limited ("China Smart"), a
Cayman Islands company on
October 26, 2015. China Smart owns all of the equity interest in
Wise Renergy Holdings Limited, a Hong
Kong company, which in turn owns all of the equity interests
in mainland China-based subsidiaries, Tianjin RENergy Electrical Co., Ltd. and Tianjin
Ruiyuan Electrical Co., Ltd. (all such Renergy entities are
collectively referred to as "RENergy"). Ming Yang had announced the acquisition of its
99% stake in China Smart on May 18,
2015.
In exchange for the remaining 1% stake in RENergy, Ming Yang will pay a total purchase
consideration of approximately RMB9.2
million (US$1.5 million at the
exchange rate of RMB6.1169 to
US$1.00). This consideration will be
paid in cash.
Mr. Chuanwei Zhang, Chairman and
Chief Executive Officer of Ming
Yang, commented, "The
completion of the RENergy acquisition enhances our cost and
business synergies and research and development capacities by fully
integrating RENergy's patented electrical control system
technologies. The acquisition extends our range of services, and is
a further step towards making Ming
Yang a technology-driven, service-centric provider of
comprehensive wind energy solutions."
For details of Ming Yang's
acquisition of the initial 99% stake in China Smart, please refer to Ming Yang's press release on May 18, 2015 at http://ir.mywind.com.cn.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading
wind energy solution provider in China, focusing on designing, manufacturing,
selling and servicing megawatt-class wind turbines, including
cutting-edge SCD (Super Compact Drive) solutions, and providing
post-sales value-added maintenance and technology upgrade services
to wind farm owners. Ming Yang
cooperates with aerodyne Energiesysteme, one of the world's leading
wind turbine design firms based in Germany, to co-develop wind turbines. In terms
of newly installed capacity, Ming
Yang was a top 10 wind turbine manufacturer worldwide and
the largest non-state owned wind turbine manufacturer in
China in 2014.
For more information, please visit Ming
Yang's investor relations website at
http://ir.mywind.com.cn.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "to be," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "goal," "strategy" and similar statements.
Such statements are based upon management's current expectations
and current market and operating conditions, and relate to events
that involve known or unknown risks, uncertainties and other
factors, all of which are difficult to predict and many of which
are beyond Ming Yang's control,
which may cause Ming Yang's actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Actual results or events
may differ from those anticipated or predicted in this press
release, and the differences may be material. Further information
regarding these and other risks, uncertainties or factors is
included in Ming Yang's filings with
the U.S. Securities and Exchange Commission. Ming Yang does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
Investor and Media Contacts:
China Ming Yang Wind Power Group Limited
Ricky Ng
+86-760-2813-8698
ir@mywind.com.cn
http://ir.mywind.com.cn
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ming-yang-announces-the-completion-of-the-remaining-1-acquisition-of-renergy-300166793.html
SOURCE China Ming Yang Wind Power Group Limited