JINAN, China, Jan. 9, 2012 /PRNewswire/ -- Pansoft Company
Limited (NASDAQ: PSOF) ("Pansoft" or the "Company"), a leading ERP
software service provider for the oil and gas industry in
China, today announced that on
January 7, 2012, the Company's Board
of Directors received an offer from Chairman Hugh Wang, representing Timesway Group Limited
("Timesway"), to acquire all outstanding Pansoft shares that it did
not already own at a price of $3.76
per share in a transaction under the British Virgin Islands law that would result
in the Company becoming a privately-held company. The
transaction is intended to be structured as a merger between the
Company and a special purpose vehicle company incorporated
under the British Virgin Islands
law and wholly owned by Timesway. Timesway is represented by
Chairman Hugh Wang and had voting
power over 64% of the Company's voting securities as of
June 30, 2011.
The Company has formed a Special Committee, consisting of
independent Board members Paul
Gillis, Samuel Shen, and
Tony Luh, to evaluate the
offer. Dr. Gillis will serve as the Special Committee's
chairman.
The board of directors cautions Pansoft's shareholders and
others considering trading in its securities that it has only
received the proposal and that no decisions have been made by the
board of directors with respect to the Company's response to the
proposal. There can be no assurance that any definitive offer will
be made, that any agreement will be executed or that this or any
other transaction will be approved or consummated.
About Pansoft Company Limited
Pansoft is a leading enterprise resource planning ("ERP")
software and professional services provider for the oil and gas
industry in China. Its ERP software offers comprehensive
solutions for various business operations including accounting,
order processing, delivery, invoicing, inventory control, and
customer relationship management. For more information, go to
Pansoft's website at http://www.pansoft.com.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking
statements concerning Pansoft Company Limited, which include but
are not limited to, statements regarding the proposed acquisition
of outstanding shares of Pansoft by Timesway Group Limited,
Pansoft's ability to expand its service offerings and maintain
leadership as a provider of ERP software and services for the oil
and gas industry in China. The actual results may differ
materially depending on a number of risk factors including but not
limited to, the following: general economic and business
conditions, development, shipment and market acceptance of
products, additional competition from existing and new competitors,
changes in technology or product techniques, the Company's ability
to successfully integrate acquisitions, its ability to repurchase
shares, share-repurchase plans, and various other factors beyond
its control. All forward-looking statements are expressly
qualified in their entirety by this Cautionary Statement and the
risk factors detailed in the Company's reports filed with the
Securities and Exchange Commission. Pansoft Company Limited
undertakes no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of
this release.
Company
Contact:
Pansoft
Company Limited
Allen
Zhang, Chief Financial Officer
Phone:
+86-531-8887-1159
E-mail:
allen.zhang@pansoft.com
|
Investor
Contact:
CCG
Investor Relations
Mr. John
Harmon, CFA, Sr. Account Manager
Phone:
+86-10-6561-6886 Ext. 807 (Beijing)
E-mail:
john.harmon@ccgir.com
|
SOURCE Pansoft Company Limited