Camelot Information Systems Inc. Announces Shareholders' Approval of Merger
BEIJING, March 25, 2014
BEIJING, March 25, 2014 /PRNewswire/ --Camelot Information Systems Inc.
(NYSE: CIS) ("Camelot" or the "Company"), a leading domestic provider of
enterprise application services and financial industry information technology
services in China, today announced that, at an extraordinary general meeting
held today, the Company's shareholders voted in favor of the proposal to
authorize and approve the previously announced agreement and plan of merger
(the "Merger Agreement"), dated as of September 18, 2013, by and among the
Company, Camelot Employee Scheme Inc. ("Parent") and Camelot Employee
SubMerger Scheme INC, and to authorize and approve any and all transactions
contemplated by the Merger Agreement, including the merger.
Immediately following the consummation of the transactions contemplated under
the Merger Agreement, Parent will be beneficially owned by Mr. Simon Yiming
Ma, the Company's Chairman and Chief Executive Officer, Ms. Heidi Chou, the
Company's President, Mr. Yuhui Wang, the Company's Executive Vice President
(and/or entities affiliated with or related to them), together with other 33
existing shareholders of the Company (and/or entities affiliated with or
related to them) who have elected to cancel their rollover shares and to
subscribe for newly issued shares of Parent.
Approximately 61% of the Company's total outstanding ordinary shares voted in
person or by proxy at today's extraordinary general meeting. Of those ordinary
shares, approximately 84% were voted in favor of the proposal to authorize and
approve the Merger Agreement and any and all transactions contemplated by the
Merger Agreement, including the merger.
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 Contact:
Camelot Information Systems Inc. Mr. John Harmon, CFA
Ms. Jojo Guo, Investor Relations Manager Tel: +86 (186) 1151 1730 (Beijing)
Tel: +1 (646) 371-6533 E-mail: email@example.com
SOURCE Camelot Information Systems Inc.
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