American Lorain (ALN) Says in Talks with Shengrong Environmental Protection Over Possible Deal
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American Lorain Corporation (NYSE: ALN) announced that it is in discussions with Shengrong Environmental Protection Holding Company Limited ("Shengrong"), the indirect parent company of Hubei Shengrong Environmental Protection Energy-Saving and Technology Co. Ltd. ("Hubei Shengrong"), a registered company in China, regarding a potential transaction. Hubei Shengrong is a high-tech company engaged in the development, manufacturing and sales of environmental protection equipment with a focus on recycling industrial solid waste and mining tailings. The final terms of the potential transaction are subject to ongoing negotiations between the parties.
Mr. Chen commented, "We are pleased to be in discussions with Shengrong, as this potential transaction would boost the company's positioning in the growing environmental protection industry and should help build investors' confidence in our company."
Ms. Jiazhen Li, the Chairwoman of Shengrong, commented, "This potential transaction with American Lorain would be an important milestone for Shengrong's global expansion plan. We believe that with more public exposure, we will be able to raise more public awareness about industrial waste treatment and better serve the global environmental protection mission."
ALN's board of directors (the "Board"), with the unanimous agreement of all directors, formed a special committee of the Board consisting exclusively of independent directors, to evaluate the potential transaction and negotiate any agreements relating to such transaction. The Board has granted the special committee the exclusive authority to consider, review, evaluate and actively negotiate the terms and conditions of such transaction on behalf of the Company. The special committee is composed of Hongxiang Yu, Dekai Yin and Maoquan Wei, the Company's independent directors. Mr. Yu serves as chair of the special committee.
The potential transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of definitive agreements and the satisfaction of agreed upon closing conditions. There can be no assurance that such transaction will be consummated.
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