WEIFANG, Shandong, China, June 23,
2012 /PRNewswire-Asia-FirstCall/ -- Shengtai Pharmaceutical,
Inc. (OTC Bulletin Board: SGTI) ("Shengtai" or "the Company"), a
leading manufacturer and distributor of high-quality,
pharmaceutical grade glucose products in China, today announced that its Special
Committee of the Board of Directors (the "Special Committee"),
which was formed to consider a proposal from its Chairman and Chief
Executive Officer, Mr. Qingtai Liu ("Mr. Liu"), pursuant to
which Mr. Liu intends to acquire all of the outstanding shares of
the Company's common stock not currently owned by him and his
affiliates in a going private transaction at a proposed price of
$1.65 per share in cash ("Proposal"),
has retained Roth Capital Partners, LLC as its financial advisor
and Shearman & Sterling LLP as its legal counsel, respectively,
to assist it in consideration of such matters. The Company's Board
of Directors and the Special Committee caution the shareholders and
others considering trading in its securities that the Special
Committee is continuing its evaluation of 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.
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly owned
subsidiary, Shengtai Holding, Inc. (SHI), a New Jersey corporation, and the Chinese
operating company of Weifang Shengtai Pharmaceutical Co., Ltd., is
a leading manufacturer and supplier of pharmaceutical grade glucose
used for medical purposes. It also manufactures and supplies
glucose and cornstarch products to the food, beverage and
industrial production industries in China. 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.
