JINAN, China, Sept. 28, 2012 /PRNewswire/ -- Pansoft
Company Limited (NASDAQ: PSOF) ("Pansoft" or the "Company"), a
leading ERP software service provider for the oil and gas industry
in China, today announced that the
Company has completed extraordinary meeting of stockholders (the
"2012 Special Meeting") for the fiscal year ended June 30, 2012 on Wednesday, September 26, 2012, at 9:15 a.m. Eastern Daylight Time (EDT), by web
conference.
The following proposals have been voted and approved by the
shareholders.
- To adopt the agreement and plan of merger, dated as of
May 16, 2012 (the "Merger
Agreement"), by and among Pansoft Company Limited, Timesway Group
Limited and Genius Choice Capital Limited as it may be amended from
time to time, and approve the transactions contemplated by the
Merger Agreement, including the Merger.
During the 2012 Special Meeting, 72.08% of the total outstanding
shares of Pansoft exercised their voting rights. Of the shares that
were voted, 3,915,156 (99.88%) voted "FOR" versus 4,551 (0.12%)
that were voted "AGAINST" the above proposal. Therefore, the
Special Committee and Board of Directors of Pansoft have declared
the agreement of merger is adopted, which results in the Company
becoming a privately held company. Once the modification of its
business registration at British Virgin
Islands is completed, its shares will no longer be listed on
the NASDAQ Capital Market. Public shareholders of Pansoft will
receive cash payments of $4.15 per
share in return for their shares.
The replay of Pansoft's 2012 Special Meeting is available at the
website indicated below:
https://east.virtualshareholdermeeting.com/vsm/web.do?pvskey=pansoft12
About Pansoft Company Limited
Pansoft is a leading enterprise resource planning ("ERP")
software and professional services provider for the oil and gas
industry in China. Its ERP software offers comprehensive
solutions for various business operations including accounting,
order processing, delivery, invoicing, inventory control, and
customer relationship management. For more information, go to
Pansoft's website at http://www.pansoft.com.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements
concerning Pansoft Company Limited, which include but are not
limited to, statements regarding Pansoft's ability to maintain
leadership as a provider of ERP software and services for the oil
and gas industry in China. The actual results may differ
materially depending on a number of risk factors including but not
limited to, the following: general economic and business
conditions, development, shipment and market acceptance of
products, additional competition from existing and new competitors,
changes in technology or product techniques, the Company's ability
to successfully integrate acquisitions, its ability to repurchase
shares, share-repurchase plans, and various other factors beyond
its control. All forward-looking statements are expressly
qualified in their entirety by this Cautionary Statement and the
risk factors detailed in the Company's reports filed with the
Securities and Exchange Commission, including its Annual Report on
Form 20-F, as amended. Pansoft Company Limited undertakes no
duty to revise or update any forward-looking statements to reflect
events or circumstances after the date of this release.
Company Contact:
Pansoft Company Limited
Allen Zhang, Chief Financial
Officer
Phone: +86-531-8887-4455
E-mail: allen.zhang@pansoft.com
SOURCE Pansoft Company Limited
