Wind turbine manufacturer Ming Yang receives "Going Private" proposal

Zhongshan, China

Mr. Zhang currently beneficially owns approximately 33% of the issued and outstanding ordinary shares of the Company.

According to the proposal letter, Mr. Zhang intends to finance the Transaction with a combination of debt and equity capital. A portion of the equity financing would be provided from Mr. Zhang's existing shareholdings in the Company and Mr. Zhang expects the remainder of the financing to be provided by third party debt and equity financing sources and certain shareholders of the Company. A copy of the proposal letter is attached as Annex A to this press release.

The Company's Board of Directors will form a special committee which will consist of all independent directors (the "Special Committee") to evaluate the Transaction. The Special Committee, once formed, is expected to retain advisors, including an independent financial advisor and legal counsel, to assist it in its work. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

Source: IWR Online, 04 Nov 2015