Hollysys Automation Technologies Sets Redemption Date of Warrants
Nov 8, 2007
Beijing, China – November 8, 2007 – Hollysys Automation Technologies, Ltd. ("Hollysys") today announced that it is sending out redemption notices to all of the holders of its issued and outstanding callable common stock purchase warrants. The final redemption date for the warrants will be December 10, 2007. After the redemption date, holders of warrants who have not exercised them will be paid $0.01 per warrant, and the warrant will be extinguished.
The right of Hollysys to call these warrants is the result of the fact that the company's common shares have closed at a price of $8.50 or more for at least 20 of 30 trading days prior to the notice of redemption being sent to the warrant holders. The closing price of the common shares on November 7, 2007 was $8.70.
The common stock purchase warrants were originally issued by Chardan North China Acquisition Corp. in August 2005. As a result of the merger of Chardan North and Hollysys Automation Technologies Limited, the warrants are now exercisable into common shares of Hollysys.
Prior to December 10, 2007, holders of the warrants may exercise them for common shares by sending the warrants, together with payment in full of $5.00 per warrant, to Hollysys' stock transfer agent, Continental Stock Transfer and Trust Company.
Hollysys has become one of the leading automation systems providers in the PRC, developing a number of core technologies and completing numerous projects utilizing a wide array of automation products. The Company specializes in the research, development, production, sale and distribution of industrial automation and control systems, competing effectively with both domestic Chinese companies and large, multinational participants in the industrial, rail and nuclear power sectors.
For further information: CONTACT: Jennifer Zhang or Serena Wu Investor Relations & Corporate Communications P.R. China: +86(10) 5898-1386 United States: +1(646) 593-8125 Email: mailto: email@example.com