Global-Tech Advanced Gets Non-binding Going Private Proposal At $8.75/shr

(RTTNews) - Global-Tech Advanced Innovations Inc. (GAI) announced that its board has received an unsolicited preliminary non-binding proposal letter, dated August 1, 2015, from Mr. John C.K. Sham, President and Chief Executive Officer of the Company, and certain of his controlled or affiliated entities collectively, the "Acquirer, proposing a potential offer to acquire all of the outstanding common shares of the Company not already beneficially owned or controlled by the Acquirer for $8.75 in cash per share.

The proposed purchase price represents a premium of about 192% to the closing trading price of the Company's Shares on July 31, 2015.

The Company noted that its board intends to form a special committee comprised of and selected by independent directors to consider the proposal and any resulting Offer. The Special Committee is authorized to retain advisors, including an independent financial advisor and legal counsel, to assist it in evaluating any such proposal or Offer.

The Board cautioned the Company's shareholders and others considering trading in its securities since the Board has just received the unsolicited preliminary non-binding proposal letter from the Acquirer and no decisions have been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, or that if an offer is received, that such an offer or any other transaction will be approved or consummated.