Dec 17 2010
GSME Acquisition Partners I (OTCBB: GSMXF, GSMEF, GSMWF) (“GSME” or the “Company”), a special purpose acquisition company formed for the purpose of acquiring an operating business having its primary business operations in the People’s Republic of China, today announced the closing of its merger with Plastec International Holdings Limited (“Plastec”), and each of Sun Yip Industrial Company Limited (BVI), Tiger Power Industries Limited (BVI), Expert Rank Limited (BVI), Fine Colour Limited (BVI), Cathay Plastic Limited (BVI), Greatest Sino Holdings Limited (BVI), Colourful Asia International Limited (BVI) and Top Universe Management Limited (BVI).
As a result of the merger, GSME changed its name to Plastec Technologies, Ltd, which will continue to trade on the OTCBB under the symbols GSMXF, GSMWF (“warrants”), and GSMEF (“units”), until new symbols are issued by the OTCBB. After giving effect to the transaction, the Company will have a total of 9,246,351 ordinary shares outstanding and 7,200,000 warrants (each with a strike price of $11.50) outstanding, a portion of which shares and warrants are held in escrow pending various release conditions.
The Board of Directors of Plastec will be comprised of Kin Sun Sze-To, Chairman and CEO of Plastec, Eli D. Scher (GSME’s former Chief Executive Officer), Chin Hien Tan, Ho Leung Ning, J. David Selvia, Chung Wing Lai and Joseph Yiu Wah Chow.
It is expected that GSME’s public shareholders that sought conversion in connection with the transaction will be paid shortly after the closing. After payment of transaction related expenses, including payments to converting shareholders, it is expected that approximately $7.4 million will be made available for the Company’s continued working capital requirements.
Mr. Scher stated, “Having worked intensively with Plastec and its management team, we are confident that the Company will continue to both expand its business within China and internationally. I look forward to working with Mr. Sze-To, the Company’s Chief Financial Officer, Ho Leung Ning, and the entire management team of Plastec in the future.”
Mr. Kin Sun Sze-To, Chairman and CEO of Plastec, stated, “We are extremely excited about our US listing. We believe it will enhance our image and make us a financially stronger and more transparent company. This, in turn, will enable us to take advantage of a greater number of opportunities both domestically here in China and throughout the world. We believe that Plastec is in a unique position to grow, with an industry-leading market position in the plastic injection molding industry in China, located near raw material suppliers and long-standing customers, and a stellar reputation within our market. We feel there are numerous avenues for potential growth, including expansion into new industries such as auto and industrial applications, either organically or through complementary acquisitions. Our goal is to continue to build upon our unique blend of experience, customer relations, and disciplined operations.”