WEIFANG, China, Aug. 7, 2013 /PRNewswire/ -- Shengtai Pharmaceutical, Inc. (OTC Bulletin Board: SGTI) (''Shengtai'' or ''the Company'' or "We" or "Us" or "Our"), a manufacturer and distributor in China of glucose and starch as pharmaceutical raw materials and other starch and glucose products, today announced that the Special Committee of its Board of Directors received a letter from its Chairman, Mr. Qingtai Liu ("Mr. Liu") on July 24, 2013 informing it that because he had been unsuccessful in obtaining financing to fund the acquisition of all the outstanding shares of common stock of the Company not currently owned by him and his affiliates in a going-private transaction for cash consideration of $1.65 per share (the "Proposal"), he had decided to withdraw the Proposal immediately and would file an amendment to the Schedule 13D/A previously filed on March 25, 2013.
In connection to the withdrawal of the Proposal, the board of directors of the Company voted unanimously on August 6, 2013 to dissolve the Special Committee with immediate effect as it was initially set up to evaluate the Proposal.
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly owned subsidiary, Shengtai Holding, Inc., and the Chinese operating company of Weifang Shengtai Pharmaceutical Co., Ltd., is a manufacturer and distributor in china of glucose and starch products as pharmaceutical raw materials, other starch products and other glucose products such as corn meals, food and beverage glucose and dextrin. For more information about Shengtai Pharmaceutical, Inc., please visit http://www.shengtaipharmaceutical.com.
Safe Harbor Statement
This press release may contain forward-looking statements. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company's ability to secure debt financing, the ability to complete the proposed transaction, the ability to obtain approvals required to consummate the transaction, the ability to develop and market new products, the ability to access capital for expansion and continued investment in R&D, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in profit margins of principal product and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
For more information, please contact:
Shengtai Pharmaceutical, Inc.
Ms. Yukie Ying Gao
Investor Relations Manager
SOURCE Shengtai Pharmaceutical, Inc.