SHENZHEN, CHINA - March 15, 2012 - China GrenTech Corporation
Limited (NASDAQ: GRRF, "GrenTech," or the "Company"), a
leading China-based provider of radio frequency and wireless
coverage products and services, announced today that it has
called an extraordinary general meeting of shareholders (the
"EGM"), to be held on April 16, 2012 at 10:00 a.m.
(Beijing time). The meeting will be held at the Company's
offices at 2 nd Floor, Block A, Guoren
Building, Keji Central 3rd Road, Hi-Tech Park,
Nanshan District, Shenzhen 518057, People's
Republic of China, to consider and vote on the proposal to
adopt the previously announced amended and restated agreement
and plan of merger dated January 20, 2012, among Talenthome
Management Limited ("Parent"), a British Virgin Islands
exempted company, Xing Sheng Corporation Limited ("Merger
Sub"), a Cayman Islands exempted company wholly-owned by
Parent, and the Company (the " Merger Agreement"), pursuant
to which Merger Sub will merge with and into the Company,
with the Company continuing as the surviving company and
wholly - owned by Parent. Parent, at the effective time of
the merger, will be jointly owned indirectly by Mr. Yingjie
Gao, the Company's Chairman and Chief Executive Officer, Ms.
Rong Yu, the Company's Director and Chief Financial Officer,
and Ms. Yin Huang, a founder of the Company. The
merger is a going private transaction with Mr. Yingjie Gao,
Ms. Rong Yu and Ms. Yin
Huang. If completed, the proposed merger would result in the
Company becoming a privately held company and its American
depositary shares (" ADSs") would no longer be listed on the
NASDAQ Global Select Market. The Company's Board of
Directors, acting upon the unanimous recommendation of the
Independent Committee formed by the Board of Directors,
approved the Merger Agreement and resolved to recommend that
the Company's shareholders vote to approve the Merger
Agreement and the transactions contemplated by the Merger
Agreement, including the merger.
Shareholders of record as of the close of business in the
Cayman Islands on April 5, 2012 will be entitled to vote at
the EGM. The record date for ADS holders entitled to instruct
Citibank, N.A., the ADS depositary, to vote the shares
represented by the ADSs is the close of business in New York
City on March 15, 2012. Additional information regarding the
EGM and the Merger Agreement can be found in the Transaction
Statement on Schedule 13E-3, and the proxy statement attached
as Exhibit (a)(1) thereto, filed with the Securities and
Exchange Commission
("SEC"), which can be obtained from the SEC's website
(http://www.sec.gov). In addition,
shareholders and ADS holders may receive the definitive proxy
statement by mail by directing requests to MacKenzie
Partners, Inc., the firm assisting the Company with this
proxy solicitation, toll free at +1 800 322 2885 (or call
collect at +1 212 929 5500 from outside of the United
States). INVESTORS AND SHAREHOLDERS ARE URGED TO READ
CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER
MATERIALS FILED WITH OR FURNISHED TO THE SEC, AS THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER
AND RELATED MATTERS.
This announcement is neither a solicitation of proxy, an
offer to purchase nor a solicitation of an offer to sell any
securities and it is not a substitute for any proxy statement
or other filings that have been or will be made with the
SEC.
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GrenTech is a leading developer of radio frequency ("RF")
technology in China and a leading provider of wireless
coverage products and services in China. The Company uses RF
technology to design and manufacture wireless coverage
products, which enabl es telecommunications operators to
expand the reach of their wireless communication networks to
indoor and outdoor areas such as buildings, highways,
subways, tunnels and remote regions. China GrenTech's
wireless coverage services include design, installation and
project warranty services. The Company also tailors the
design and configuration of its wireless coverage products to
the
specific requirements of its customers.
Based on its in-house RF technology platform, the Company
also develops and produce s base station RF parts and
components sold to base station manufacturers. GrenTech is a
qualified supplier of RF parts and components to major global
and domestic base station manufacturers. For more
information, please visit www.GrenTech.com.cn.
Company Contact:
E-mail:
investor@powercn.com
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