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Hollysys Automation Technologies Announces Its Acquisition of Bond Corporation Pte. Ltd. Completed

Hollysys Automation Technologies Announces Its Acquisition of Bond Corporation
                             Pte. Ltd. Completed

PR Newswire

BEIJING, April 10, 2013

BEIJING, April 10, 2013 /PRNewswire-FirstCall/-- Hollysys Automation
Technologies, Ltd. (Nasdaq: HOLI) ("Hollysys" or the "Company"), a leading
provider of automation and control technologies and applications in China,
announced todaythat it has successfully completed its acquisition of Bond
Corporation Pte. Ltd., and its group of companies ("Bond").

The total consideration for the acquisition is approximately US$ 73 million,
with payment 50% in cash and 50% in stock. The stock will be issued to Bond
shareholders in three amounts over two years based upon a mutually agreed
two-year incentive program. Additional ordinary shares, as a premium on
performance, will be issued to the Bond shareholders if Bond outperforms the
established targets, but the premium will not exceed 15% of the total
incentive shares in any case. Hollysys and Bond have agreed upon the
compensation and incentives to be given to the management team of Bond to
maintain the team stability after the acquisition.

Bond provides mechanical and electrical solutions with end to end capabilities
in design, engineering, procurement, project management, construction and
commissioning, and maintenance to a wide array of industries, including
factories, data centers, banks, hospitals, airports, power stations, gas and
instrumentation plants, hotels, commercial centers, residential buildings and
infrastructure works in Southeast Asia. Bond has a strong market presence,
close client relationships, and a highly renowned brand name recognition.

Dr. Changli Wang, CEO and Chairman of Hollysys, commented: "We are very
pleased that the acquisition of Bond is now successfully completed. The
seasoned and experienced management team will remain intact, and the daily
operation of Bond will not be impacted by the acquisition transaction. Bond
has demonstrated its penetration and implementation capability from its track
record and will continue to spread its operational foot print throughout
Southeast Asia with Hollysys as its backbone supporter."

Mr. Yap Choong, Executive Director of Bond, said: "The response from our
clients and employees is overwhelmingly positive. We are very happy and proud
to be part of Hollysys, the leading provider of automation and control
technologies and applications in China. With Hollysys' brand name and R&D,
customization and production capability, we are in a better position to
generate returns to our owner and share holders."

About Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI)

Hollysys Automation Technologies is a leading provider of automation and
control technologies and applications in China, Southeast Asia and the Middle
East that enables its diversified industry and utility customers to improve
operating safety, reliability, and efficiency. Founded in 1993 in China,
Hollysys has approximately 3,500 employees with nationwide presence in over 60
cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai
and India, and serves over 4,000 customers involving more than 15,000 projects
in the industrial, railway, subway and nuclear industries in China, South-East
Asia, and the Middle East. Its proprietary technologies are applied in its
industrial automation solution suite including DCS (Distributed Control
System), PLC (Programmable Logic Controller), RMIS (Real-time Management
Information System), HAMS (HolliAS Asset Management System), OTS (Operator
Training System), HolliAS BATCH (Batch Application Package), HolliAS APC Suite
(Advanced Process Control Package), SIS (Safety Instrumentation System),
high-speed railway signaling system of TCC (Train Control Center), ATP
(Automatic Train Protection), Subway Supervisory and Control platform, SCADA
(Surveillance Control and Data Acquisition), nuclear conventional island
automation and control system and other products.

About Bond Corporation Pte. Ltd. and Its Group of Companies

Bond Corporation Pte. Ltd. is a holding company registered in Singapore, with
subsidiaries Bond M&E Pte. Ltd. incorporated in Singapore in 1979, and Bond
M&E Sdn. Bhd. and Bond M&E (K.L.) Sdn. Bhd. incorporated in Malaysia in 1983
and 1989, respectively. Bond provides complete mechanical and electrical
solutions with end to end capabilities in design, engineering, procurement,
project management, construction and commissioning, and maintenance to a wide
array of industries, including factories, data centers, banks, hospitals,
airports, power stations, gas and instrumentation plants, hotels, commercial
centers, residential buildings and infrastructure works. Bond has a strong
presence, brand name recognition and track record in the rapidly developing
markets of Malaysia, Singapore and other countries in Southeast Asia, executed
by its strong, capable and professional workforce with high-standards, quality
work and on-time completion working principles. Bond enjoys a high reputation
and long term working relationships with its customers. It has MS ISO
9001:2008 Quality Management Systems certification for the implementation of
quality control in projects.

SAFE HARBOUR:

This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements, other than
statements of historical fact included herein are "forward-looking
statements," including statements regarding: the ability of the Company to
achieve its commercial objectives; the business strategy, plans and objectives
of the Company and its subsidiaries; and any other statements of
non-historical information. These forward-looking statements are often
identified by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks and
uncertainties. Such forward-looking statements, based upon the current
beliefs and expectations of Hollysys' management, are subject to risks and
uncertainties, which could cause actual results to differ from the forward
looking statements. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove to be
incorrect. Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. The
Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of factors,
including those discussed in the Company's reports that are filed with the
Securities and Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

Hollysys Automation Technologies, Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com

SOURCE Hollysys Automation Technologies, Ltd.

Website: http://www.hollysys.com
 
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