BEIJING, April 4, 2011 /PRNewswire-Asia-FirstCall/ --
Funtalk China Holdings Limited (the "Company" or "Funtalk")
(Nasdaq: FTLK), a leading China-based retailer and wholesale distributor
of wireless communications devices, accessories and content,
announced today the Independent Committee of its Board of
Directors, formed to consider a proposal by ARCH Digital Holdings
Ltd. ("ARCH"), Capital Ally Investments Limited ("Capital Ally"),
GM Investment Company Limited ("GM"), Sinowill Holding Limited
("Sinowill"), which is controlled by the Chairman of its Board of
Directors, Mr. Kuo Zhang, Huge
Harvest Enterprises Limited ("Harvest"), which is wholly owned and
controlled by the Chief Executive Officer of the Company, Mr.
Dongping Fei, Kingstate Group
Limited ("Kingstate"), which is wholly owned and controlled by Mr.
Hengyang Zhou, executive president of Beijing Funtalk Century
Technology Group Company Limited, an indirect wholly owned
subsidiary of the Company, and Trend Focus Limited, which is wholly
owned and controlled by its senior vice president of corporate
investor relations, Mr. Francis Kwok Cheong
Wan ("Trend Focus", together with ARCH, Capital Ally, GM,
Sinowill, Harvest and Kingstate, the "Consortium Members"), to
acquire all of the outstanding ordinary shares of the Company not
already owned by the Consortium Members in a "going-private"
transaction (the "Proposed Transaction"), has retained Bank of
America Merrill Lynch as its financial advisor, Skadden, Arps,
Slate, Meagher & Flom LLP as its United States legal counsel, and Maples and
Calder as its Cayman Islands legal
counsel to assist its work. The Independent Committee is continuing
its evaluation of the Proposed Transaction. No assurance
can be given 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 Funtalk China Holdings Limited
The Company is a retailer and distributor of wireless
communications devices, accessories and content in 30 provinces in
China. The Company has branch
offices and regional distribution centers, operates a chain of
mobile phone retail stores, and has an internet retailing
platform.
Safe Harbor and Informational Statement
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "will," "would" and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. The
Company may not actually achieve the plans, intentions or
expectations disclosed in the forward-looking statements, and
investors should not place undue reliance on the forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in the
forward-looking statements made by the parties as a result of a
number of factors, some of which may be beyond the Company's
control. These factors include the risk factors detailed in the
Company's filings with the Securities and Exchange Commission.
Further, the forward-looking statements do not reflect the
potential impact of any future acquisitions, mergers, dispositions,
joint ventures, collaborations, dividends or investments made by
the Company or other parties. The Company disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
For more information, please contact:
ICR, Inc.
Bill Zima
Tel: +86-10-6583-7511
Or: +1-203-682-8233
Email: bill.zima@icrinc.com
Funtalk China Holdings Ltd. (China)
Riva Zhang
Investor Relations Manager
Tel: +86-10-5709-1192
Email: ir@funtalk.cn
SOURCE Funtalk China Holdings Limited