Global-Tech Advanced Innovations Shareholders Approve Merger Agreement

(RTTNews) - Global-Tech Advanced Innovations Inc. (GAI) announced that, at an extraordinary general meeting of its shareholders held on March 17, 2016 , the Company's shareholders voted in favor of the proposal to authorize and approve agreement and plan of merger, dated as of December 4, 2015, among the Company, Timely Star Limited and Timely Merit Limited.

About 87.07% of the Company's total outstanding ordinary shares voted in person or by proxy at the EGM. The proposal to approve the Merger Agreement, the Plan of Merger, and the transactions contemplated thereby, including the Merger, received approval from approximately 99.92% of the Shares present and voting in person or by proxy as a single class at the EGM, and approximately 99.64% of the outstanding Shares (excluding the Shares beneficially owned by Mr. John C.K. Sham (the president and chief executive officer of the Company), Wing Shing Holdings Company Limited, Hui Shun Chi, Jenny Tsai and Estee Sham and the Shares held by the Company or any subsidiary of the Company) present and voting in person or by proxy at the EGM.

The parties expect to complete the Merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. Upon completion of the Merger, the Company will become a privately held company and its Shares will no longer be listed on the Nasdaq Stock Market LLC.