BEIJING and CHANGGE,
China, May
10, 2012 /PRNewswire-Asia-FirstCall/ -- Zhongpin Inc. ( the
"Company," NASDAQ: HOGS), a leading meat and food processing
company in the People's Republic of
China, today announced that the special committee of
the Company's board of directors (the "Special Committee") has
appointed Barclays Bank PLC as its independent financial advisor.
Akin Gump Strauss Hauer & Feld LLP has been retained as the
Special Committee's legal counsel.
As previously announced, the Company's board of directors formed
the Special Committee to review and evaluate the March 27, 2012 non-binding proposal from its
chairman and chief executive officer, Mr. Xianfu Zhu, to acquire all of the outstanding
shares of the Company's common stock not currently owned by
him.
The Special Committee is considering Mr. Zhu's proposal, as well
as the Company's other strategic alternatives. No decisions have
been made by the Special Committee with respect to the Company's
response to Mr. Zhu's proposal. The Special Committee has not set a
definitive timetable for the completion of its evaluation of Mr.
Zhu's proposal or any other alternative and does not currently
intend to announce developments unless and until an agreement has
been reached. There can be no assurance that any definitive offer
will be made, that any agreement will be executed, or that Mr.
Zhu's proposal or any other transaction will be approved or
consummated.
About Zhongpin
Zhongpin Inc. is a leading meat and food processing company that
specializes in pork and pork products, vegetables, and fruits in
China. Its distribution network in
China covers 20 provinces plus
Beijing, Shanghai, Tianjin, and Chongqing and includes 3,438 retail outlets as
of March 31, 2012. Zhongpin's export
markets include Europe,
Hong Kong, and other countries in
Asia. For more information about
Zhongpin, please visit Zhongpin's website at
http://www.zpfood.com.
Safe Harbor Statement
This news release contains certain statements that may include
"forward looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects," or similar expressions. 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.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news 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
periodic 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 more information, please contact:
Zhongpin Inc.
Mr. Sterling Song (English and
Chinese)
Director of Investor Relations
Telephone +86 10 8455 4188, extension 106 in Beijing
ir@zhongpin.com
Mr. Warren (Feng) Wang (English
and Chinese)
Chief Financial Officer
Telephone +86 10 8455 4388 in Beijing
warren.wang@zhongpin.com
Christensen
Mr. Julian (Yujia) Zhao (English
and Chinese)
Telephone +86 10 5826 4727 in Beijing
yzhao@christensenir.com
Mr. Tom Myers (English)
tmyers@christensenir.com
SOURCE Zhongpin Inc.