Cleantech Solutions International Forms a Special Committee and Retains Financial Advisor to Evaluate and Discuss Potential Transactions

WUXI, China, July 18, 2017 /PRNewswire/ -- Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT) today announced that the Company's board of directors has formed a special committee comprised of three independent directors of the Company, Furen Chen, Xi Liu and Chengqing Tang (the "Special Committee") to evaluate and engage in discussions with ECrent Capital Holdings Limited ("ECrent") regarding potential business cooperation between the two companies and a potential acquisition by the Company of ECrent (collectively, the "Potential Transactions"). All three members of the Special Committee are unaffiliated with ECrent and not management members of the Company. The Special Committee has retained Duff & Phelps, LLC as its financial advisor to assist it in its review and evaluation of the Potential Transactions.

The Company cautions its shareholders and others considering trading its securities that neither the Special Committee nor the Board has set a definitive timetable for the completion of its evaluation of and discussion regarding the Potential Transactions or any other alternative transaction and the Company does not currently intend to announce development unless and until an agreement has been reached. There can be no assurances that any definitive agreement will be executed relating to the Proposed Transactions, or that the Proposed Transactions or any other transaction will be approved or consummated.

About Cleantech Solutions International

Cleantech Solutions, through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry.  The Company's latest business initiatives are focused on targeting the technology and sharing economy markets in China.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2016 and in our Form 10-Q for the quarter ended March 31, 2017. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

Company Contacts:
Cleantech Solutions International, Inc.
Parkson Yip, COO
E-mail: [email protected]
+852-31060372 
Web: www.cleantechsolutionsinternational.com

Compass Investor Relations
Elaine Ketchmere, CFA
Email: [email protected]
+1-310-528-3031
Web:  www.compassinvestorrelations.com

SOURCE Cleantech Solutions International, Inc.

Related Links

http://www.cleantechsolutionsinternational.com