Hollysys Automation Technologies Extends Redemption Date of Warrants
Dec 10, 2007
Beijing, China – December 10, 2007 – Hollysys Automation Technologies, Ltd. ("Hollysys") today announced that it will extend the final redemption date for its common stock purchase warrants to December 17, 2007 from December 10, 2007 to accommodate warrant holders who may have had trouble with the exercise. After the final redemption date, holders of warrants who have not exercised them will be paid $0.01 per warrant, and the warrant will be extinguished.
As previously announced, the right of Hollysys to call these warrants is the result of the fact that the company's common shares 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 Ltd., the warrants are now exercisable into common shares of Hollysys.
Prior to December 17, 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, 17 Battery Place, New York, New York 10004, (212) 845-3200.
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: firstname.lastname@example.org