MY Sells Shares in Huadian Fuxin
ZHONGSHAN, China, April 15, 2013
ZHONGSHAN, China, April 15, 2013 /PRNewswire/ -- China Ming Yang Wind Power
Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind
turbine manufacturer in China, today announced that through its subsidiary,
Ming Yang Wind Power (International) Co., Ltd., the Company had sold all
141,062,000 of its shares of Huadian Fuxin Energy Corporation Limited
("Huadian Fuxin") (HKEx: 00816) for an aggregate consideration of
approximately US$35.5 million as of April 12. The shares were acquired for an
aggregate consideration of approximately US$30.0 million in connection with
Huadian Fuxin's initial public offering ("IPO") in Hong Kong and listing on
the Hong Kong Stock Exchange in June 2012.
"We invested in Huadian Fuxin's IPO last year to demonstrate our commitment to
our strategic working relationship with Huadian Fuxin and its parent company,
China Huadian Corporation, and continue to be excited about the potential
opportunities for our companies to work together," said Chuanwei Zhang,
Chairman and Chief Executive Officer of Ming Yang. "The funds received from
the sale are expected to be available for working capital to enable us to
continue to enhance our abilities to increase shareholder value."
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," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates," "target"
and similar statements. Such statements are based upon management's current
expectations, results of 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. Transactions contemplated in this press release also involve risks
and uncertainties and are subject to changes and developments. 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
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind turbine
manufacturer in China, focusing on designing, manufacturing, selling and
servicing megawatt-class wind turbines. Ming Yang produces advanced, highly
adaptable wind turbines with high energy output and provides customers with
comprehensive post-sales services. 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 2012.
For further information, please visit the Company's website:
For investor and media inquiries, please contact:
China Ming Yang Wind Power Group Limited
SOURCE China Ming Yang Wind Power Group Limited
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