YANTAI, China, July 12, 2021 /PRNewswire/ -- Newater Technology,
Inc. (NASDAQ: NEWA) ("NEWA", or the "Company"), a
developer, service provider and manufacturer of membrane filtration
products and related hardware and engineered systems that are used
in the treatment, recycling and discharge of wastewater, today
announced that at an extraordinary general meeting held today, the
Company's shareholders voted in favor of the proposal to
authorize and approve (i) the previously announced merger agreement
dated September 29, 2020 (the
"Merger Agreement") by and among Crouching Tiger Holding
Limited, an exempted company with limited liability incorporated
under the laws of the Cayman
Islands (the "Parent"), Green Forest Holding Limited,
a company with limited liability incorporated under the laws of the
British Virgin Islands (the
"Merger Sub") and the Company, pursuant to which Merger Sub
will merge with and into the Company, with the Company continuing
as the surviving company and becoming a wholly owned subsidiary of
the Parent (the "Merger"), (ii) the plan of merger required
to be filed with the Registrar of Corporate Affairs of the
British Virgin Islands (the
"Plan of Merger"), and (iii) the consummation of the
transactions contemplated by the Merger Agreement and the Plan of
Merger, including the Merger.
Approximately 80.73% of the Company's total ordinary shares
outstanding as of the close of business in the British Virgin Islands on the share record
date of February 10, 2021 voted by
proxy at the extraordinary general meeting. Each shareholder has
one vote for each ordinary share. Of the ordinary shares voted at
the meeting, approximately 63.84% voted in favor of the Merger
Agreement, the Plan of Merger and the transactions contemplated
thereby, including the Merger.
Completion of the Merger is subject to the satisfaction or
waiver of the closing conditions set forth in the Merger Agreement.
The Company will work with the other parties to the Merger
Agreement towards satisfying the closing conditions and complete
the Merger in a timely manner. If and when completed, the Company
will become a private company and its ordinary shares will no
longer be listed or traded on any stock exchange.
ABOUT NEWATER TECHNOLOGY, INC.
Founded in 2012 and headquartered in Yantai, China, the Company, operating its business
through its wholly owned subsidiary Yantai Jinzheng Eco-Technology
Co. Ltd., specializes in the development, manufacture and sale of
DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk Tube
Nano-Filtration) membranes for waste water treatment, recycling and
discharge. NEWA provides integrated technical solutions in
engineering support and installation, technical advice and water
purification services, and other project-related solutions to turn
wastewater into valuable clean water. More information about the
Company can be found at www.dtNEWA.com.
The Company's core business includes:
- Reuse of high quality reclaimed water;
- High-salt and high-polluting wastewater treatment and near
zero-liquid discharge;
- Highly efficient treatment of Landfill leachate; and
- Utilization of acid or alkali-containing wastewater as
resources.
More information about the Company can be found at:
www.dtNEWA.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding the transaction are forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may cause the actual
results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the water filtration industry in China; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the Securities and Exchange Commission. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
For more information, please contact:
Company
|
Ning
Liu Senior Manager
NEWATER TECHNOLOGY
INC.
Phone: +86 (535)
8012999
+86 15063837878
Email:
office@dtnewa.com
|
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SOURCE Newater Technology, Inc.