Hollysys Automation Technologies Separates All Issued and Outstanding Units
Dec 11, 2007
Beijing, China – December 11, 2007 – Hollysys Automation Technologies, Ltd. ("Hollysys") today announced that it is separating all of its outstanding units, which trade separately from the common stock and public warrants under the symbol HollysysUF. Each unit consists of one share of the Company's common stock and two of the Company's warrants. As a result of the separation of the outstanding units, the units will cease to be listed on the OTCBB effective December 18, 2007.
On November 8, 2007, Hollysys issued a notice of redemption of its warrants with an initial redemption date of December 10, 2007, which was subsequently extended until December 17, 2007.
Until and through the close of business on the date of redemption, each warrant entitles the holder to purchase from Hollysys one share of the Company's common stock at an exercise price of $5.00. 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. 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