Camelot Information Systems Inc. Independent Committee Retains Financial
Advisor and Legal Counsel
BEIJING, April 23, 2013
BEIJING, April 23, 2013 /PRNewswire/ -- Camelot Information Systems Inc.
("Camelot" or the "Company") (CIS), a leading domestic provider of enterprise
application services and financial industry information technology services in
China, today announced that its special committee of the board of directors
(the "Independent Committee"), formed to consider, among other things, the
March 12, 2013 non-binding proposal letter from the Company's Chairman and
Chief Executive Officer, Mr. Simon Yiming Ma ("Mr. Ma"), its President, Ms.
Heidi Chou ("Ms. Chou"), and its Executive Vice President, Mr. Yuhui Wang
(together with Mr. Ma and Ms. Chou, the "Buyer Group"), to acquire all of the
outstanding shares of the Company not currently owned by the Buyer Group and
their respective affiliates and certain other management members of the
Company who may choose to join the Buyer Group in a going private transaction
(the "Proposed Transaction"), has retained Duff & Phelps Securities, LLC and
Duff & Phelps, LLC as its financial advisors and Shearman & Sterling LLP as
its international counsel to assist the Independent Committee in its work.
The Independent Committee is continuing its evaluation of the Proposed
Transaction and no decisions have been made by the Independent Committee with
respect to the Company's response to the Proposed Transaction. There can be no
assurance that any definitive offer will be made, that any agreement will be
executed or that the Proposed Transaction or any other transaction will be
approved or consummated.The Company does not undertake any obligation to
provide any updates with respect to the Proposed Transaction or any other
transaction, except as required under applicable law.
ABOUT CAMELOT INFORMATION SYSTEMS INC.
Camelot is a leading domestic provider of enterprise application services and
financial industry information technology ("IT") services in China, focusing
on the high end of the IT value chain. The Company is the largest domestic
provider of SAP-based Enterprise Resource Planning services in China, as
measured by its 2010 revenues and the number of SAP consultants as of December
31, 2010, according to International Data Corporation ("IDC"). IDC also ranked
Camelot the number-one service provider in the banking testing market in 2010.
Camelot also operates in other areas of the Asia Pacific region, including
Taiwan and Japan. The Company provides services to a wide range of industries,
including financial services, resources and energy, manufacturing and
automobiles, technology, as well as telecommunications, media and education.
This press release contains statements that may constitute "forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and 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 involve a number of risks and uncertainties
that could cause actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by these forward-looking statements. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following: the
Company's growth strategies, the Company's ability to attract and retain
skilled professionals, the market of IT services in China, the wages of IT
professionals, the Company's ability to serve, retain, and attract customers.
Further information regarding these and other risks is included in Camelot's
filings with the U.S. Securities and Exchange Commission, including its annual
report on Form 20-F. Camelot 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.
Company Contacts: Investor Relations Contacts:
Camelot Information Systems Inc. CCG Investor Relations
Mr. Franklin King, Interim Chief Financial Mr. Crocker Coulson, President
Tel: +1 (646) 213-1915
Tel: +86 (10) 8201 9008
Mr. John Harmon, CFA, Sr. Account
Ms. Jojo Guo, Investor Relations Manager Manager
Tel: +1 (646) 371-6533 Tel: +86 (10) 8573 1014 (Beijing)
E-mail: firstname.lastname@example.org E-mail: email@example.com
SOURCE Camelot Information Systems Inc.
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