|By Marketwired .||
|February 6, 2014 09:29 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/07/14 -- Hanfeng Evergreen Inc. (TSX:HF) ("Hanfeng" or the "Corporation") reported today that it has decided to defer its annual meeting of shareholders, originally scheduled to be held February 28, 2014. Subject to regulatory approval, it is anticipated that the meeting will be held on June 13, 2014.
As previously announced, the Corporation has terminated the employment of Xinduo Yu as Chief Executive Officer of the Corporation and has engaged FTI Consulting ("FTI") to provide interim management services in China. Representatives of FTI are now the legal representatives for the China-based subsidiaries, and are therefore responsible for the operations and are in the process of registering their status with the local government authorities.
On January 15, 2014, the Toronto Stock Exchange suspended trading in the Corporation's common shares pending clarification of the Corporation's affairs. Trading in the Corporation's common shares remains halted.
The board of directors and management are actively working to effect a transition of management control over the operations following the termination of Mr. Yu and stabilize the business and re-establish commercial relations with the Corporation's major customers, while recruiting independent directors for nomination at the June 13, 2014 shareholders' meeting. The Corporation is working with the Toronto Stock Exchange to enable trading in the Corporation's common shares to resume.
Despite the issuance by Mr. Yu of a dissident proxy circular yesterday, dated February 1, 2014, the Corporation's shareholders' meeting will take place on June 13, 2014 and not February 28, 2014.
This news release contains forward-looking statements based on current expectations, including but not limited to the Corporation's plans, objectives and expectations and the exploration by the Corporation of strategic alternatives. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about the Corporation's business are more fully discussed in the Corporation's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada. Additional important factors that could cause actual results to differ materially include, but are not limited to: the ability of the Corporation to preserve or monetize its working capital; the effective ability of the Corporation to appoint directors and representatives of its subsidiaries in China and elsewhere; delays in financial reporting; and the implementation of any alternative or financing transaction on acceptable terms. Forward-looking statements are not guarantees of future performance. In light of the significant uncertainties inherent in the forward-looking statements included herein, any such forward-looking statements should not be regarded as representations by the Corporation that its respective objectives or plans will be achieved. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein. Forward-looking statements are provided for the purpose of providing information about the Corporation's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. In addition, these forward-looking statements relate to the date on which they are made. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements or the foregoing list of factors, whether as a result of new information, future events or otherwise, except to the extent required by law.
About Hanfeng Evergreen Inc.
Hanfeng is a leading producer and supplier of value-added fertilizer solutions in emerging markets. It is the largest producer of slow and controlled release fertilizer in two of world's most significant agricultural markets: the People's Republic of China and the Republic of Indonesia. Hanfeng is headquartered in Toronto, Ontario and its shares are listed on the Toronto Stock Exchange under the symbol HF.