SAN FRANCISCO and SHENZHEN, China, Jan. 11, 2016 /PRNewswire/ -- Highpower International, Inc. ("Highpower International" or "the Company") (NASDAQ: HPJ), a developer, manufacturer, and marketer of lithium and nickel-metal hydride (Ni-MH) rechargeable batteries, and a battery management systems and battery recycling provider, today announced that the special committee (the "Special Committee") of the Company's Board of Directors (the "Board") has retained ROTH Capital Partners as its financial advisor and Katten Muchin Rosenman LLP as its legal counsel in connection with its review and evaluation of the non-binding investment proposal (the "Proposal") dated November 23, 2015 from Anshan Co-Operation (Group) Co., Ltd., joined with China Innovative Capital Management Ltd. and Mr. George Pan, Chairman and CEO, and certain management of Highpower International, to purchase newly issued shares of three subsidiaries in China wholly-owned by Highpower International, Inc.
The Board cautions the Company's shareholders and others considering trading in the Company's securities that no decisions have been made by the Special Committee with respect to the Company's response to the Proposal and 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 Highpower International, Inc.
Highpower International was founded in 2001 and produces high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based rechargeable batteries used in a wide range of applications such as electric buses, bikes, energy storage systems, power tools, medical equipment, digital and electronic devices, personal care products, and lighting. Highpower's target customers are Fortune 500 companies, and top 10 companies in each vertical segment. With advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean technology, not only in the products it makes, but also in the processes of production. The majority of Highpower International's products are distributed to worldwide markets mainly in the United States, Europe, China and Southeast Asia.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of the Company's future performance, operations and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from the results expressed or implied by such statements, including, our ability to successfully expand sales of our lithium battery product in the mobile device market and our ability to effectively compete in that market. For a discussion of these and other risks and uncertainties see "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public filings with the SEC. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
Highpower International, Inc.
The Equity Group Inc.
Katherine Yao, Senior Associate
Adam Prior, Senior Vice President
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SOURCE Highpower International, Inc.