China INSOnline Corp. Entered Into Letter of Intent to Merge With Dingneng Bio-Technology
30 Septiembre 2010 - 3:38PM
Marketwired
China INSOnline Corp. (NASDAQ: CHIO) announced today that it has
entered into a letter of intent dated September 27, 2010 related to
a proposed transaction offered by Dingneng Bio-Technology Co., Ltd.
("Dingneng") to acquire common shares of CHIO through merger,
direct exchange or any other form in one or a series of mutually
agreed upon transactions. In connection with the transaction,
Dingneng will become a subsidiary of CHIO.
The proposed transaction is subject to satisfactory completion
of due diligence by Dingneng, the execution of definitive
agreements, the approval from the related regulatory bodies and the
approvals of both the board of directors and the shareholders of
CHIO and Dingneng.
There is no assurance that any definitive agreement will be
entered into, that any proposed transaction will be approved by the
shareholders of CHIO or that any transaction will be completed as a
result of the execution of the letter of intent.
About China INSOnline Corp.
China INSOnline Corp., incorporated in Delaware and
headquartered in Beijing, is a licensed insurance agency in the
People's Republic of China ("China"). Representing major insurance
underwriting firms in China, the Company offers online automobile,
property and life insurance agency services through its industry
web portal, www.soobao.cn. The Company's online platform also
provides consumers, agents and insurance companies with online
transaction capabilities, advertising, online inquiry, news
circulation, statistical analysis and software development
services. For additional information, please visit
www.china-insonline.com. Recently, since the last fiscal quarter of
2010, the operations of CHIO are winding down due to adverse
competition environment.
About Dingneng Bio-Technology Co. Ltd.
Dingneng Bio-Technology Co., Ltd., organized under the laws of
the People's Republic of China ("Dingneng"), is a leading green
energy company that engages in bio-diesel production, refinement
and distribution in Southern China. Dingbeng has its own patents
and specializes in extracting raw oil from plant sapindus mukorossi
and refining into industrial standard bio-diesel. With
well-established raw material supply and comprehensive refined
bio-diesel distribution networks, Dingneng is one of the most
competitive green energy suppliers in China.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on current expectations
or beliefs, including, but not limited to, statements concerning
the Company's operations, financial performance and condition. For
this purpose, statements that are not statements of historical fact
may be deemed to be forward-looking statements. The Company
cautions that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, but not limited to,
the impact of competitive products, pricing and new technology;
changes in consumer preferences and tastes; and effectiveness of
marketing; changes in laws and regulations; fluctuations in costs,
and other factors as those discussed in the Company's reports filed
with the Securities and Exchange Commission from time to time. In
addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
Contact: IR Department Tel: +1 212 945 7558 Email: ir@soobao.cn
www.china-insonline.com
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