CDC Corporation Announces Additional Purchase of Convertible Notes
December 07 2009 - 8:00AM
Business Wire
CDC Corporation (NASDAQ: CHINA), a leading global enterprise
software, IT services and new media company, announced today that
an affiliate of the company has purchased an additional $1.0
million in face value of its 3.75 Percent Senior Exchangeable
Convertible Notes Due 2011 (Notes) from a non-affiliated
noteholder.
To date, the company has come to terms with all 11 original
purchasers of its Notes for the repurchase, at average prices below
par and with no dilutive impact on shareholders, of an aggregate of
$126.775 million in principal amount of Notes. An affiliate of the
company currently holds $124.775 million of such repurchased Notes,
or approximately 75.2 percent of the $166.0 million in Notes
currently outstanding. The remaining $41.2 million of face value of
Notes outstanding is held by non-affiliates of the company.
"We are very pleased to have reached an agreement to repurchase
notes from an original purchaser and holder of our Notes,” said
Peter Yip, CEO of CDC Corporation. “We have now reached amicable
agreements with all 11 of our original purchasers for all or part
of their respective holdings. We hope to continue to work with our
final original purchaser that still holds a remaining position to
reach a resolution to our disagreement.”
About CDC
Software
CDC Software (NASDAQ: CDCS), The Customer-Driven Company™, is a
provider of enterprise software applications and services designed
to help organizations deliver a superior customer experience, while
increasing efficiencies and profitability. CDC Software provides
customers with maximum flexibility in their solutions through
multiple deployment options which best fit their business needs.
Leveraging a service-oriented architecture (SOA), CDC Software
offers multiple delivery options for their solutions such as
on-premise, cloud-based or hybrid (blending of the two options)
deployment offerings. CDC Software's product suite includes: CDC
Factory (manufacturing operations management), Activplant
(enterprise manufacturing intelligence), CDC Ross ERP (enterprise
resource planning), CDC Supply Chain (supply chain management ,
warehouse management and order management),CDC X-alert (real-time
supply chain event management), CDC Power (discrete ERP), CDC
eCommerce, CDC NFP/NGO, CDC Pivotal CRM and Saratoga CRM (customer
relationship management), CDC Respond (customer complaint and
feedback management), c360 CRM add-on products, industry solutions
and development tools for the Microsoft Dynamics CRM platform, CDC
HRM (human resources) and business analytics solutions.
These industry-specific solutions are used by more than 6,000
customers worldwide within the manufacturing, financial services,
health care, home building, real estate, wholesale and retail
distribution industries. The company completes its offerings with a
full continuum of services that span the life cycle of technology
and software applications, including implementation, project
consulting, technical support and IT consulting. For more
information, please visit www.cdcsoftware.com.
About CDC Corporation
The CDC family of companies includes CDC Software (NASDAQ: CDCS)
focused on enterprise software applications and services, CDC
Global Services focused on IT consulting services, and outsourced
R&D and application development, CDC Games focused on online
games, and China.com China.com, Inc. (HKGEM:8006) focused on
portals for the greater China markets. For more information about
CDC Corporation (NASDAQ: CHINA), please visit
www.cdccorporation.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding our beliefs and expectations relating to our
recent amendments to CDC Corporation’s 3.75% Senior Exchangeable
Convertible Notes, or Notes, and the effects thereof, our beliefs
regarding the invalidity of certain purported holder redemption put
notices, our beliefs regarding any potential future success in our
negotiations with any remaining noteholders, our expectations of
continued discussions or any agreement any of our Note holders to
buy their Notes, the impact of the Notes and the valuation thereof
on our financial statements and other potential Note modifications
or other options, our beliefs regarding our continued success or
progress in our negotiations with Note holders and maintaining or
establishing relationships with our Note holders, our beliefs
regarding our future financial condition and prospects, our beliefs
regarding the fairness of any purchase or other transaction, our
intent to continue to explore alternatives and amicable settlements
with respect to the Notes, statements regarding the measurement of
fair value of the Notes in the fourth quarter of 2008 and other
statements that are not historical fact, the achievement of which
involve risks, uncertainties and assumptions. These statements are
based on management's current expectations and are subject to risks
and uncertainties and changes in circumstances. There are important
factors that could cause actual results to differ materially from
those anticipated in the forward looking statements, including
risks associated with our convertible debt, including the potential
outcome of disagreements with our noteholders, the risks associated
with our recent amendment of the Notes and the validity of the
holder redemption put provisions of the Note and notices we have
received, and the risks regarding potential amounts we may be
required to pay under the Notes, including amounts which could be
in excess of the face value of these Notes. If any such risks or
uncertainties materialize or if any of the assumptions proves
incorrect, our results could differ materially from the results
expressed or implied by the forward-looking statements we make.
Further information on risks or other factors that could cause
results to differ is detailed in filings or submissions with the
United States Securities and Exchange Commission made by CDC
Corporation in its Annual Report for the year ended December 31,
2008 on Form 20-F filed on June 30, 2009. All forward-looking
statements included in this press release are based upon
information available to management as of the date of the press
release, and you are cautioned not to place undue reliance on any
forward looking statements which speak only as of the date of this
press release. The company assumes no obligation to update or alter
the forward looking statements whether as a result of new
information, future events or otherwise. Historical results are not
indicative of future performance.
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