ZHONGSHAN, China, Nov. 17, 2015 /PRNewswire/ -- China Ming
Yang Wind Power Group Limited ("Ming
Yang" or the "Company") (NYSE: MY), a leading wind energy
solution provider in China, today
announced that its Board of Directors (the "Board") has formed a
special committee of independent directors (the "Special
Committee") to evaluate the preliminary non-binding proposal letter
dated November 2, 2015 from its
Chairman and Chief Executive Officer, Mr. Chuanwei Zhang, to acquire all of the Company's
outstanding shares not already beneficially owned by him (the
"Proposal").
The Special Committee is composed of Messrs. Dabing Zhou and
Steve Markscheild, who are independent directors of the Company and
are unaffiliated with the Proposal. Mr. Zhou is the chairman of the
Special Committee. The Special Committee expects to retain
independent advisors, including an independent financial advisor
and legal counsel, to assist it in the process of reviewing and
evaluating the Proposal.
The Company cautions its shareholders and others considering
trading its securities that neither the Board nor the Special
Committee has made any decisions with respect to the Company's
response to the Proposal. There can be no assurance that any
definitive offer will be made, that any agreement will be executed
or that this or any other transaction will be approved or
consummated. The Company does not undertake any obligation to
provide any updates with respect to this or any other transaction,
except as required under applicable law.
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-formation-of-a-special-committee-to-evaluate-the-preliminary-non-binding-proposal-to-acquire-the-company-300179939.html
SOURCE China Ming Yang Wind Power Group Limited