NEW YORK, March 9, 2012 /PRNewswire/ -- Gushan
Environmental Energy Limited ("Gushan" or the
"Company"; NYSE: GU), a leading producer of biodiesel and
manufacturer of recycled copper products in China, today announced that the special
committee of its Board of Directors, formed to consider a proposal
by Mr. Jianqiu Yu, Chairman and Principal Executive Officer of
Gushan, to acquire all of the outstanding ordinary shares of the
Company not currently owned, legally or beneficially, by Mr. Yu in
a "going-private" transaction (the "Proposed Transaction"),
has retained PiperJaffray as its financial advisor, Akin Gump
Strauss Hauer & Feld LLP as its international legal counsel,
and Walkers as its Cayman Islands
legal counsel to assist the special committee in its work.
The special 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 Gushan Environmental Energy Limited
Gushan is a leader in the China
biodiesel industry, in terms of annual production capacity, and one
of the leading biodiesel producers in Asia, in terms of nominal capacity. Gushan
produces biodiesel, a renewable, clean-burning and biodegradable
fuel and a raw material used to produce chemical products,
primarily from used cooking oil, and by-products from biodiesel
production, including glycerine and plant asphalt. Gushan sells
biodiesel directly to users, such as marine vessel operators and
chemical factories, as well as to petroleum wholesalers and
individual retail gas stations. The Company has seven production
facilities, located in the Sichuan, Hebei, Fujian
and Hunan provinces and in
Beijing, Shanghai and Chongqing, with a combined annual production
capacity of 490,000 tons. Gushan's Sichuan production facility is currently in
operation. Gushan also operates a copper products business through
Engen Investments Limited ("Engen"), a 75%-owned subsidiary, that
manufactures copper rods, copper wires, copper granules and copper
pads primarily from recycled copper. Currently, Engen has two
plants, with a daily production capacity of approximately 210 tons
of recycled copper products.
For further information, please contact:
US
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Asia
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Elizabeth
Cheek
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Rico
Ngai
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Hill & Knowlton (New York)
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Hill & Knowlton (Hong Kong)
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Tel:
(1) 212 885 0682
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Tel:
(852) 2894 6204
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Email:
elizabeth.cheek@hillandknowlton.com
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Email:
rico.ngai@hillandknowlton.com.hk
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SOURCE Gushan Environmental Energy Limited