Indy Diarytech Limited Com (TSXV:IND)
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VANCOUVER, July 29, 2011 /CNW/ --
VANCOUVER, July 29, 2011 /CNW/ - IND DairyTech Limited ("IND" or "the
Company") (TSXV: IND) announced today that it has completed its
previously announced take private transaction (the "Transaction").
Common shareholders overwhelming approved the Transaction at an
extraordinary general meeting of the common shareholders held in
Beijing, China on July 29, 2011 (the "Meeting"). Following the
Meeting, the Company completed the Transaction by consolidating all of
the issued and outstanding common shares and preferred shares of the
Company on a 2 million to one basis, and then compulsorily redeeming
all the fractional common shares held by common shareholders who held
less than one whole post-consolidation common share on the basis of
$0.50 per pre-consolidation common share held (the "Consideration").
Upon completion of the Transaction, only 7 common shareholders remain in
the Company, including Excel Advance International Ltd. and Unique Way
Technology Ltd., companies controlled by Mr. Jesse Zhu, the Company's
Chief Executive Officer. SAIF Partners III L.P. remains as the sole
holder of the preferred shares.
Registered shareholders must complete and submit the letter of
transmittal that was sent to them together with the meeting materials
in order to receive the Consideration they are entitled to upon the
completion of the Transaction. A copy of the letter of transmittal can
be found on the SEDAR website at www.sedar.com. Beneficial holders of common shares (e.g. shares held through
brokers, investment dealers, banks, trust companies or other nominees)
should contact their broker or such other intermediary holding shares
on their behalf to arrange for the delivery of the Consideration they
are entitled to.
It is expected that the common shares of the Company will be delisted
from the TSX Venture Exchange in the first week of August 2011. The
preferred shares are not listed on a stock exchange. The Company will
also apply to the applicable securities regulatory authorities to cease
to be a reporting issuer in each province in which it is currently a
reporting issuer.
About IND DairyTech Limited
IND, through its operating subsidiaries, is an emerging raw milk and
Holsteins producer in China that is seeking to become a leading
provider of high quality raw milk and Holsteins to the Chinese dairy
industry. To meet China's increasing demand for dairy products, the
Company is using Canadian cattle genetics and North American farming
practices to establish and develop its dairy herd in China.
The Company plans to develop its herd in China through the use of
advanced breeding techniques employing Canadian Holstein embryos that
it intends to use to impregnate surrogate cows. These embryos have been
created through in vitro fertilization using sexed semen to achieve an
approximate 90% female birth rate. The use of these advanced breeding
techniques is expected to allow the Company to rapidly expand its herd.
The use of Canadian Holstein embryos also provides a practical solution
to China's ban on the import of live Canadian cattle.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release.
This news release contains forward-looking statements relating to the
de-listing of the Common Shares from the Exchange and the Company's
application to the applicable securities regulatory authorities to
cease to be a reporting issuer in each province in which it is
currently a reporting issuer. Such forward-looking statements are
subject to important risks, uncertainties and assumptions. The results
or events predicted in these forward-looking statements may differ
materially from actual results or events. As a result, you are
cautioned not to place undue reliance on these forward-looking
statements.
The completion of the de-listing of the Common Shares from the Exchange
and the Company's application to the applicable securities regulatory
authorities to cease to be a reporting issuer in each province in which
it is currently a reporting issuer are subject to a number of terms and
conditions, including, without limitation, the approval of the Exchange
and applicable securities regulatory authorities. These approvals may
not be obtained.
The forward-looking statements contained in this news release are made
as of the date of this release. Except as required by applicable law,
the Company disclaims any intention and assumes no obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. For additional information
with respect to certain of these and other assumptions and risks,
please refer to the management circular to be filed by the Company with
the applicable securities commissions, which will be available at www.sedar.com.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/29/c8509.html
table valign="top" border="0" tr valign="top" td valign="top" align="left" Jesse Zhubr/ Chief Executive Officerbr/ IND DairyTech Limitedbr/ 604-522-1619 /td td /td td valign="top" align="left" Selen Zhoubr/ Corporate Secretarybr/ IND DairyTech Limitedbr/ 604-522-1619 /td /tr /table p /p