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SOURCE China Zenix Auto International Limited
ZHANGZHOU, China, Dec. 23, 2013 /PRNewswire/ -- The Special Committee of the Board of Directors of China Zenix Auto International Limited (NYSE: ZX) ("Zenix Auto" or "the Company") today issued the following statement in connection with the previously announced receipt by the Company's Board of a proposal dated November 23, 2013 from Mr. Jianhui Lai, the chairman of the Company's board of directors and chief executive officer, and RichWise International Investment Group Limited and certain of its affiliated entities, to enter into a series of transactions that would result in a significant change in the Company's business focus (the "Proposal").
"The Special Committee wishes to affirm to all interested stakeholders, including the Company's public shareholders, that with the assistance of its advisors, it intends to carefully evaluate the Proposal and all other strategic alternatives available to the Company. The Special Committee acknowledges that several shareholders have already sent communications to express their concerns regarding the Proposal. Securities laws limit our ability to communicate directly with individual shareholders regarding our deliberations, but we wish to affirm that we welcome input from concerned shareholders and that we intend to conduct a transparent, thorough and robust process and will provide updates to shareholders when and as appropriate. Our goal is to secure the best result for Zenix Auto's public shareholders in light of all of the Company's strategic alternatives."
The Special Committee, consisting of independent directors Mr. William John Sharp, Mr. Ian Frances Wade and Prof. Yichun Zhang, is being advised by legal counsel Ropes & Gray and is in the process of appointing an independent financial advisor. Mr. Sharp and Mr. Wade each has over 40 years of experience in international corporate leadership. Prof. Zhang is the head of the Financial Research Institute of Xiamen University. The establishment of the Special Committee was previously announced by the Company on December 9, 2013.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. With a large intellectual property portfolio, the Company offers more than 430 series of tubed steel wheels, tubeless steel wheels, and off-road steel wheels in both the aftermarket and OEM market in China and internationally. The Company's customers include group members of a number of large PRC commercial vehicle manufacturers, and it also exports products to over 80 distributors in more than 30 countries worldwide. With five large, strategically located manufacturing facilities in multiple regions across China, the Company has an aggregate annual production capacity of approximately 15.0 million units of steel wheels as of September 30, 2013. For more information, please visit: http://www.zenixauto.com/en.
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
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