SOURCE: 2020 ChinaCap Acquirco, Inc.

October 02, 2009 16:00 ET

2020 ChinaCap Acquirco, Inc. Announces Expected Transfer of Listing to Nasdaq

BEIJING--(Marketwire - October 2, 2009) - 2020 ChinaCap Acquirco, Inc. (the "Company") (NYSE Amex: TTY) (NYSE Amex: TTY.WS) (NYSE Amex: TTY.U) announced today that it has been approved to list its common stock, warrants and units, and expects to begin trading on the Nasdaq Stock Market on October 12, 2009, under the symbols TTY, TTY.WS and TTY.U, respectively. The Company's common stock, warrants and units will continue to trade on the NYSE Amex under the symbols TTY, TTY.WS and TTY.U, respectively, through the end of the trading day on October 9, 2009. The expected transfer of the Company's listing is taking place in connection with the proposed redomestication of the Company in the British Virgin Islands through a merger with its wholly-owned subsidiary, Exceed, Ltd. and subsequent proposed acquisition by Exceed of Windrace International Company Ltd., each of which is subject to approval by the stockholders of the Company. Exceed has applied to list its securities on the Nasdaq Stock Market upon the consummation of the redomestication and acquisition.


2020 is a public acquisition company organized as a corporation under the laws of the State of Delaware on August 21, 2006. It was formed to effect a business combination with an unidentified operating business having its operations in China. In November 2007, it consummated its IPO from which it derived gross proceeds of $69 million, including proceeds from the exercise of the underwriters' over-allotment option. $68 million of the net proceeds of the IPO and a private placement completed prior to the IPO were deposited in a trust account and such funds and a portion of the interest earned thereon will be released only upon the consummation of the business combination or to holders of 2020's common stock in connection with its liquidation and dissolution. Other than its IPO and the pursuit of a business combination, 2020 has not engaged in any business to date.


The transaction described herein is subject to a number of risks and uncertainties, including, but not limited to, the satisfaction of certain conditions to the closing of the proposed merger, including the risk that stockholder approval might not be obtained in a timely manner or at all.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and future performance of 2020. These statements are based on management's current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in certain of 2020's Securities and Exchange Commission filings. For a description of certain factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release, refer to documents that 2020 files from time to time with the Securities and Exchange Commission. 2020 is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

Contact Information


    Devlin Lander
    (415) 292-6855