BEIJING, July 14, 2016 (GLOBE NEWSWIRE) -- As previously announced, on June 14, 2016, the board of directors of eFuture Holding Inc. (Nasdaq:EFUT) (the “Company” or “eFuture”), a leading software and solution provider and a mobile business enabler to China's retail and consumer goods industries, formed a special committee (the "Special Committee") to consider and evaluate the non-binding proposal, dated June 6, 2016, from its controlling shareholder, Shiji (Hong Kong) Limited (“Shiji”), to acquire all of the outstanding ordinary shares of the Company not currently owned by Shiji and its affiliates (the "Proposed Transaction") , or any potential alternative transactions.
The Company announced today that the Special Committee has retained Gibson, Dunn & Crutcher LLP to act as its independent legal counsel and Duff & Phelps, LLC to act as its independent financial advisor in connection with the Special Committee's evaluation of the Proposed Transaction. There can be no assurance that any definitive offer will be made by Shiji, that any agreement will be executed with Shiji or that the Proposed Transaction or any potential alternative transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the Proposed Transaction or any other transaction, except as required under applicable law.
ABOUT EFUTURE HOLDING INC.
eFuture Holding Inc. (Nasdaq:EFUT) is a leading software and solution provider and a mobile business enabler to China's retail and consumer goods industries. eFuture's clients include 1,000+ active retailers with more than 50,000 physical stores across China, of which about 45% were ranked among the top 100 chain retailers during 2015. For more information about eFuture, please visit http://www.e-future.com.cn.
SAFE HARBOR
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. eFuture may also make written or oral forward-looking statements in periodic reports to the Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to second parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: eFuture’s anticipated growth strategies; eFuture’s future business development, results of operations and financial condition; expected changes in the Company’s revenue and certain cost or expense items; eFuture’s ability to attract clients and leverage its brand; trends and competition in the software industry; the Company’s ability to control expenses and maintain profit margins; the Company’s ability to hire, train and retain qualified managerial and other employees; the Company’s ability to develop new software and pilot new business models at desirable locations in a timely and cost-effective manner; the performance of third parties under contracts with the Company; the expected growth of the Chinese economy software market in retail and consumer goods industries; and Chinese governmental policies relating to private managers and operators of software and applicable tax rates.
Further information regarding these and other risks is included in eFuture’s annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release and in the attachments is as of as of the date hereof, and the Company undertakes no duty to update such information or any other forward-looking information, except as required under applicable law.