TORONTO, ONTARIO--(Marketwire - March 15, 2013) - Hanfeng Evergreen Inc. (TSX:HF) ("Hanfeng") announced today that at the annual and special meeting of Hanfeng shareholders (the "Meeting") held earlier today, Hanfeng received the requisite shareholder approvals for the plan of arrangement (the "Plan of Arrangement") pursuant to which Mr. Xinduo Yu ("Mr. Yu"), Hanfeng's Chief Executive Officer, through his wholly-owned corporation, 8310831 Canada Inc. (the "Purchaser"), has agreed to acquire all of the outstanding common shares of Hanfeng not already owned by Mr. Yu for cash consideration of CDN$2.25 per share. Approximately 72.5% of the total votes cast by shareholders and approximately 64.5% of the votes cast by "minority shareholders" (as defined in Hanfeng's information circular) were voted in favour of the special resolution approving the Plan of Arrangement.
In addition, shareholders elected all nominees to the board of directors of Hanfeng, namely, Loudon F. McLean Owen, Edwin Nordholm, David Thomson, Joanne Yan and Xinduo Yu, and re-appointed KPMG LLP as auditors of Hanfeng.
About Hanfeng Evergreen Inc.
Hanfeng is a leading producer and supplier of value-added fertilizer solutions in emerging markets. It is the largest producer of slow and controlled release fertilizer in two of world's most significant agricultural markets: the People's Republic of China ("China") and the Republic of Indonesia. As the first company to introduce slow and controlled release fertilizers into China's agriculture market, Hanfeng has established itself both as a market leader and innovator. A Canadian company, Hanfeng is headquartered in Toronto, Ontario and its shares trade on the Toronto Stock Exchange under the ticker HF.