KHD Humboldt Wedag International Ltd Announces It Will Not Complete the Arrangement to Purchase Sasamat
June 21 2006 - 4:40PM
PR Newswire (US)
HONG KONG, June 21 /PRNewswire-FirstCall/ -- KHD Humboldt Wedag
International Ltd ("KHD") (NASDAQ:KHDH) announces that it has
advised Sasamat Capital Corporation ("Sasamat") (Pink Sheets:
SSALF) that KHD does not intend to complete the acquisition of
Sasamat contemplated by the Arrangement Agreement (the "Arrangement
Agreement") dated April 24, 2006, as amended. Pursuant to the
Arrangement Agreement, KHD's obligation to complete the
transactions under the Arrangement Agreement was subject to the
condition that the aggregate number of common shares of Sasamat
(the "Sasamat Shares") in respect of which Sasamat shareholders
have exercised rights of dissent may not be more than 10% of the
issued and outstanding Sasamat Shares on the date of the meeting of
the shareholders of Sasamat called to consider the transaction (the
"Meeting"), exclusive of those Sasamat Shares owned or controlled
directly or indirectly by KHD. As of June 21, 2006, the date of the
reconvened Meeting, shareholders holding approximately 13% of the
Sasamat Shares, exclusive of those Sasamat Shares owned or
controlled directly or indirectly by KHD, have exercised their
rights of dissent. As a result, the Arrangement Agreement has been
terminated. About KHD Humboldt Wedag International Ltd. KHD
Humboldt Wedag International Ltd. (the "Company") owns companies
that operate internationally in the industrial plant engineering
and equipment supply industry, and specializes in the cement, coal
and mineral industries. To obtain further information on the
Company, please visit our website at http://www.khdhumboldt.com/
Contact Information: Allen & Caron Inc Joseph Allen (investors)
(212) 691-8087 or Len Hall (media) (949) 474-4300 Rene Randall KHD
Humboldt Wedag International Ltd (604) 683-8286 DATASOURCE: KHD
Humboldt Wedag International Ltd CONTACT: Investors, Joseph Allen,
+1-212-691-8087, , or Media, Len Hall, +1-949-474-4300, , both of
Allen & Caron Inc, for KHD Humboldt Wedag International Ltd; or
Rene Randall of KHD Humboldt Wedag International Ltd,
+1-604-683-8286, Web site: http://www.khdhumboldt.com/
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