SYSWIN Inc. Announces Shareholders' Approval of The Merger Agreement
BEIJING, April 3, 2013
BEIJING, April 3, 2013 /PRNewswire/ -- SYSWIN Inc. ("SYSWIN" or the "Company")
(NYSE: SYSW), a leading primary real estate service provider in China,
announced today that, at an extraordinary general meeting held today, the
Company's shareholders voted in favor of the proposal to approve the
previously announced Agreement and Plan of Merger dated December 24, 2012 (the
"Merger Agreement") among Brilliant Strategy Limited ("Parent"), a business
company with limited liability incorporated under the laws of the British
Virgin Islands, Brilliant Acquisition Limited ("Merger Sub"), an exempted
company with limited liability incorporated under the laws of the Cayman
Islands and a wholly-owned subsidiary of Parent, and the Company, pursuant to
which Merger Sub will be merged with and into the Company with the Company
surviving the merger as a wholly-owned subsidiary of Parent (the "Merger").
Approximately 89.20% of the Company's total outstanding ordinary shares voted
in person or by proxy at today's extraordinary general meeting. Of the
ordinary shares voted in person or by proxy at the extraordinary general
meeting, approximately 99.99% were voted in favor of the proposal to approve
the Merger Agreement and the transactions contemplated by the Merger
Agreement, including the Merger, and approximately 100.00% were voted in favor
of the proposal to authorize the directors of the Company to do all things
necessary to give effect to the Merger Agreement.
All closing conditions set forth in the Merger Agreement have been satisfied
or waived. The parties expect to complete the merger as soon as practicable,
as a result of which completion SYSWIN will become a privately held company
wholly owned by Parent and SYSWIN's American depository shares will no longer
be listed on the New York Stock Exchange.
The Company began focusing on providing primary real estate services since
2004 and believes it is a leading primary real estate service provider in
China. The Company currently has operations in 28 cities throughout China. The
Company primarily provides real estate sales agency services to property
developers relating to new residential properties. Capitalizing on the
experience and capabilities gained in Beijing, the Company focuses on
providing tailored services to its key clients in a number of markets and has
been successful in generating repeat business and increasing business volume.
Of China's top 30 developers (including those that do not use sales agency
services), 15 are or have previously been clients of the Company. Clients of
the Company include some of the most well-recognized national developers in
China, including China Vanke, Poly Real Estate, CR Land, Agile Group and
Guangzhou R&F Properties.
Safe Harbor: Forward-Looking Statements
This document may include certain statements that are not descriptions of
historical facts, but are forward-looking statements. Such statements include,
among others, those concerning the effects of the Merger on the Company; the
expected timing of the completion of the Merger; and all assumptions,
expectations, predictions, intentions or beliefs about future events.
Forward-looking statements can generally be identified by the use of
forward-looking terminology such as "will," "should," "may," "believes,"
"expects" or similar expressions. Such information is based upon expectations
of the Company's management that were reasonable when made but may prove to be
incorrect. All of such assumptions are inherently subject to uncertainties and
contingencies beyond the Company's control and based upon premises with
respect to future business decisions, which are subject to change. The Company
does not undertake any obligation to update any forward-looking statement,
except as required under applicable law.
SOURCE SYSWIN Inc.
Contact: Wen Fan, +86-10-8472-8783, firstname.lastname@example.org
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