BEIJING, April 14, 2014 /PRNewswire/ -- Trunkbow
International Holdings Limited (NASDAQ: TBOW) ("Trunkbow" or the
"Company"), a leading provider of mobile payment solutions and
mobile value added services in the PRC, today announced that, at a
special meeting of the stockholders of the Company held today, the
Company's stockholders voted in favor of the proposal to adopt the
previously announced Agreement and Plan of Merger (the "Merger
Agreement"), dated December 10, 2013,
by and among the Company, Trunkbow Merger Group Limited ("Parent")
and Trunkbow International Merger Sub Limited ("Merger Sub"),
pursuant to which Merger Sub will be merged with and into the
Company, with the Company continuing as the surviving company after
the merger as a wholly owned subsidiary of Parent (the "Merger").
The Merger Agreement was approved by approximately 81.7% of the
outstanding shares of Company common stock and approximately 67.5%
of the outstanding shares of Company common stock (excluding the
shares of Company common stock held by Dr. Wanchun Hou and Mr. Qiang Li and their
respective affiliates), satisfying the voting requirements to adopt
the Merger Agreement.
The parties currently expect to complete the Merger as soon as
possible, subject to the satisfaction or waiver of the conditions
set forth in the Merger Agreement. If completed, the Merger will
result in the Company becoming a privately-held company and the
common stock of the Company will no longer be listed on the NASDAQ
Global Market.
About Trunkbow
Trunkbow International Holdings Limited (NASDAQ: TBOW) is a
leading provider of mobile payment solutions ("MPS") and mobile
value added solutions ("MVAS") in the PRC. Trunkbow's solutions
enable the telecom operators to offer their subscribers access to
unique mobile applications, innovative tools, value-added services
that create a superior mobile experience, and as a result generate
higher average revenue per user and reduce subscriber churn. Since
its inception in 2001, Trunkbow has established a proven track
record of innovation, and has developed a significant market
presence in both the MVAS and MPS markets. Trunkbow supplies its
mobile payment solutions to all three Chinese mobile telecom
operators, as well as re-sellers, in several provinces of
China. For more information,
please visit www.trunkbow.com.
Safe Harbor Statement
This press release contains forward-looking statements that
reflect the Company's current expectations and views of future
events that involve known and unknown risks, uncertainties and
other factors that may cause its actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such forward-looking statements involve
inherent risks, uncertainties and assumptions. The Company has
based these forward-looking statements largely on its current
expectations and projections about future events and financial
trends that it believes may affect its financial condition, results
of operations, business strategy and financial needs. Information
regarding these risks, uncertainties and other factors is included
in the Company's annual report on Form 10-K and other filings with
the SEC.
Contact Information
In China:
|
Trunkbow
International Holdings Limited
|
Ms. Alice Ye, Chief
Financial Officer
|
Phone: +86 (10)
8571-2518 (Beijing)
|
Email:
ir@trunkbow.com
|
SOURCE Trunkbow International Holdings Limited