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  • China Information Technology, Inc. (CNIT) Board Of Directors Approves Redomestication From Nevada To British Virgin Islands 0 comments
    Jun 21, 2012 2:45 PM | about stocks: CNIT

    China Information Technology, a prominent, China-based provider of information and display technologies, announced today that its Board of Directors has approved the redomestication of the company from the State of Nevada to the British Virgin Islands with a unanimous vote. CNIT BVI, a wholly owned subsidiary, filed a registration statement on Form F-4 today, pertaining to the redomestication transaction and the inclusion of a proposal to approve this transaction at the next yearly stockholders meeting.

    The Board believes that the redomestication will make shares of CNIT BVI more appealing to non-U.S. investors and expand its shareholder base worldwide. The redomestication gives the Company the ability to dual-list its shares on the Hong Kong Stock Exchange, however doing so is not required. Additionally, the Company anticipates that the redomestication will allow the Company to qualify as a "foreign private issuer" under the rules and regulations of the Securities and Exchange Commission, or the SEC, and in turn reduce its operational, administrative, legal, and accounting costs. Assuming the Company's stockholders will approve the redomestication, the Company will continue to trade on the NASDAQ Stock Market.

    Additional Information about the Redomestication and Where to Find It

    In connection with the proposed redomestication, CNIT BVI has prepared a registration statement containing a proxy statement/prospectus that is filed with the SEC. When completed, a definitive proxy statement/prospectus and a form of proxy will be mailed or otherwise made available to the stockholders of the Company in accordance with SEC rules, regulations, and staff policies, seeking their approval of the transaction. Stockholders are urged to read the proxy statement/prospectus regarding the proposed acquisition carefully and in its entirety (when available) because it will contain important information about the proposed redomestication. Stockholders can obtain a copy of the proxy statement/prospectus and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. Stockholders will also be able to obtain a copy of the proxy statement/prospectus and other relevant documents (when available) by directing a request by e-mail to IR@chinacnit.com

    The Company and its directors and officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the proposed redomestication. Information about the Company's directors and executive officers and their ownership of the Company's common stock will be set forth in the definitive proxy statement/prospectus when filed with the SEC. Stockholders may obtain additional information regarding the interests of the Company and its directors and executive officers in the proposed redomestication, which may be different than those of the Company's stockholders generally, by reading the definitive proxy statement/prospectus and other relevant documents regarding the proposed redomestication when filed with the SEC.

    For further information, please visit www.chinacnit.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: CNIT
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