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Wonder Auto Technology, Inc. Announces Completion of Sale of Stock of Wonder Auto Limited

2013-12-19 18:48 1273

BEIJING, December 19, 2013 /PRNewswire/ -- Wonder Auto Technology, Inc. ("Wonder Auto" or the "Company") today announced that on October 15, 2013, it completed the sale of 118.593656 ordinary shares, representing an approximate 48.35% ownership interest, of Wonder Auto Limited ("WAL"), its wholly owned subsidiary, to Ideal Treasure Limited as contemplated by the Stock Purchase Agreement dated August 6, 2013, by and between WATG and Ideal Treasure Limited (the "Stock Sale"). The Stock Sale was approved by the Company's stockholders at a Special Meeting of stockholders held on September 30, 2013. The Company's stockholders also approved the proposed plan of liquidation and dissolution pursuant to which the Company will (a) pay or make reasonable provision to pay all of its known or unknown claims and obligations, including all obligations and liabilities required to be satisfied by a continuing body corporate pursuant to Sections 78.585 and 78.590 of the Nevada Revised Statutes, (b) distribute the remaining 126.683580 ordinary shares (representing an approximate 51.65% ownership interest) of WAL to certain stockholders of the Company including Fosun International Limited, Heroic Origin Trading Limited, Mr. Shuzhen Mu, Wonder Employee Capital Limited, Wonder International Group Limited and Worthy Talent Development Limited (collectively, the "Participating Stockholders") and (c) distribute the remaining assets of the Company (including all of the cash of the Company) to the Company's stockholders other than the Participating Stockholders (the "Plan of Liquidation"). The Plan of Liquidation became effective upon the closing of the Stock Sale. It is currently anticipated that the Company will make distributions to the stockholders in accordance with the Plan of Liquidation in December 2013, although the Company cannot guarantee or make any assurances regarding when distributions under the Plan of Liquidation will be made.

Safe Harbor Statement

This release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, statement regarding the Company effecting the Plan of Liquidation, the distributions thereunder and the timing of such events. Forward-looking statements can be identified by the use of forward-looking terminology such as "will," "expect," "may," "should," "anticipate," "future," "intend," "is/are likely to," "proposed," "estimate" or similar expressions. Such information is based upon assumptions and expectations of the Company's management that were reasonable when made but may prove to be incorrect. All of such assumptions and expectations are inherently subject to uncertainties and contingencies beyond the Company's control. The Company does not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see the Company's proxy statement that was distributed to stockholders on or about September 10, 2013. All information provided in this press release is as of the date of this press release.

For more information, please contact:

Li Peng
+86 (10) 8478-5339
p.li@wonderauto.com.cn

Source: Wonder Auto Technology, Inc.
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