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IND Dairytech Limited Announces Completion of Take Private Transaction

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  Published in House and Home on Friday, July 29th 2011 at 14:40 GMT by Market Wire
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VANCOUVER, July 29, 2011 /CNW/ - IND DairyTech Limited ("IND" or "the Company") (TSXV: IND) announced today that it has completed its previously announced take private transaction (the "Transaction").  Common shareholders overwhelming approved the Transaction at an extraordinary general meeting of the common shareholders held in Beijing, China on July 29, 2011 (the "Meeting").  Following the Meeting, the Company completed the Transaction by consolidating all of the issued and outstanding common shares and preferred shares of the Company on a 2 million to one basis, and then compulsorily redeeming all the fractional common shares held by common shareholders who held less than one whole post-consolidation common share on the basis of $0.50 per pre-consolidation common share held (the "Consideration").

Upon completion of the Transaction, only 7 common shareholders remain in the Company, including Excel Advance International Ltd. and Unique Way Technology Ltd., companies controlled by Mr. Jesse Zhu, the Company's Chief Executive Officer.  SAIF Partners III L.P. remains as the sole holder of the preferred shares.

Registered shareholders must complete and submit the letter of transmittal that was sent to them together with the meeting materials in order to receive the Consideration they are entitled to upon the completion of the Transaction.  A copy of the letter of transmittal can be found on the SEDAR website at [ www.sedar.com ].  Beneficial holders of common shares (e.g. shares held through brokers, investment dealers, banks, trust companies or other nominees) should contact their broker or such other intermediary holding shares on their behalf to arrange for the delivery of the Consideration they are entitled to.

It is expected that the common shares of the Company will be delisted from the TSX Venture Exchange in the first week of August 2011. The preferred shares are not listed on a stock exchange. The Company will also apply to the applicable securities regulatory authorities to cease to be a reporting issuer in each province in which it is currently a reporting issuer.

About IND DairyTech Limited

IND, through its operating subsidiaries, is an emerging raw milk and Holsteins producer in China that is seeking to become a leading provider of high quality raw milk and Holsteins to the Chinese dairy industry. To meet China's increasing demand for dairy products, the Company is using Canadian cattle genetics and North American farming practices to establish and develop its dairy herd in China.

The Company plans to develop its herd in China through the use of advanced breeding techniques employing Canadian Holstein embryos that it intends to use to impregnate surrogate cows. These embryos have been created through in vitro fertilization using sexed semen to achieve an approximate 90% female birth rate. The use of these advanced breeding techniques is expected to allow the Company to rapidly expand its herd. The use of Canadian Holstein embryos also provides a practical solution to China's ban on the import of live Canadian cattle.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release contains forward-looking statements relating to the de-listing of the Common Shares from the Exchange and the Company's application to the applicable securities regulatory authorities to cease to be a reporting issuer in each province in which it is currently a reporting issuer. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements.

The completion of the de-listing of the Common Shares from the Exchange and the Company's application to the applicable securities regulatory authorities to cease to be a reporting issuer in each province in which it is currently a reporting issuer are subject to a number of terms and conditions, including, without limitation, the approval of the Exchange and applicable securities regulatory authorities. These approvals may not be obtained.

The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For additional information with respect to certain of these and other assumptions and risks, please refer to the management circular to be filed by the Company with the applicable securities commissions, which will be available at [ www.sedar.com ].