Harbin Electric (HRBN) Confirms Closing of 'Going Private' Deal

Harbin Electric, Inc. (NASDAQ: HRBN) today announced the completion of the closing of the merger contemplated by the Agreement and Plan of Merger, dated June 19, 2011, as amended, pursuant to which the Company became a wholly-owned subsidiary of Tech Full Electric Company Limited, which is controlled by Mr. Tianfu Yang, the Company's Chairman and Chief Executive Officer.

Harbin Electric's shareholders immediately prior to the effective time of the merger are entitled to receive $24.00 in cash for each share of Harbin Electric common stock that they hold and will receive letters of transmittal with instructions on how to deliver their shares of common stock to the paying agent. Shareholders who hold shares of Harbin Electric common stock through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker.

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