Delta Advanced Materials Limited Completes Business Combination With CIS Acquisition Ltd.

NEW YORK, Sept. 22, 2014 /PRNewswire/ -- CIS Acquisition Ltd. (NASDAQ: CISAA; CISAW) ("CIS") announced the closing of its business combination with privately-held Delta Advanced Materials Limited ("Delta"). The transaction closed on Friday, September 19, 2014.

Following the consummation of the business combination, CIS will be changing its name to "Delta Technology Holdings Limited" and anticipates that Delta will apply to change the symbols of it ordinary shares and warrants to DELT and DELTW respectively.

Headquartered in Zhenjiang City, Jiangsu Province, Delta is a leading China based fine and specialty chemical company producing and distributing organic compound including para-chlorotoluene ("PCT"), ortho-chlorotoluene ("OCT"), PCT/OCT downstream products, unsaturated polyester resin ("UPR"), maleic acid ("MA") and other by-product chemicals. The end application markets of the Company's products include Automotive, Pharmaceutical, Agrochemical, Dye & Pigments, Aerospace, Ceramics, Coating-Printing, Clean Energy and Food Additives. Delta serves more than 380 clients.

In its fiscal year ending June 30, 2014, Delta posted revenue of approximately $175.3 million and net income of approximately $6.8 million. Including a foreign currency adjustment, Delta's comprehensive income was approximately $7.1 million in that period. Delta has approximately 300 employees, 25% of whom are highly-qualified experts and technical personnel.

Mr. Chao, Chairman and CEO of Delta said, "We appreciate CIS's cooperation and look forward to executing our business plan with support from our shareholders, including Kleiner Perkins Caufield & Byers and Korea Investment Partners".

Anatoliy Danilitskiy, Chairman of CIS, commented, "We are pleased to have consummated this transaction, and appreciate the support of CIS's shareholders. Delta's growth profile, market position and strategic plan make it an exciting partner and value creator."

Chardan Captial Markets, LLC acted as financial advisors to CIS. Loeb & Loeb LLP and Forbes Hare acted as legal advisors to CIS, and Sichenzia Ross Friedman Ference LLP acted as legal advisors to Delta.

About Delta Advanced

Founded in 2007, Delta is a fast-growing, leading supplier of fine and specialty chemical products based in China. The company meets the needs of its customers by manufacturing and distributing fine and specialty chemical products including PCT/OCT, PCT/OCT downstream products, UPR, MA and other by-product chemicals for used in end application markets such as Automotive, Pharmaceutical, Agrochemical, Dye & Pigments, Aerospace, Ceramics, Coating-Printing and Food Additives.

Delta has approximately 300 employees, 25% of whom are highly-qualified experts and technical personnel. The company serves more than 380 clients in various industries.

Delta is held by, among other shareholders, Mr. Xin Chao (the Chairman of the Board of Directors and CEO), Kleiner Perkins Caufield & Byers and Korea Investment Partners. 

About CIS Acquisition Ltd.

CIS Acquisition Ltd. was a blank check company formed to acquire, through a merger, stock exchange, asset acquisition, stock purchase or similar acquisition transaction, one or more operating businesses.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded or followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading "Forward Looking Statements" and those factors captioned as "Risk Factors" in CIS's periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by CIS.

CIS also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.

SOURCE CIS Acquisition Ltd