Century 21 China Real Estate Announces Settlement of Shareholder Petition
BEIJING, April 30, 2012 /PRNewswire-Asia-FirstCall/ -- IFM Investments Limited (CTC) ("Century 21 China Real Estate" or the "Company"), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China, today announced that, following amicable negotiations, the Company and the Company's founders have signed an agreement with GL Asia Mauritius II Cayman Ltd. ("GLA") to settle certain legal proceedings, including the petition to request an order to wind up the Company and other remedies filed by GLA on December 30, 2011, in the Grand Court of the Cayman Islands.
Under the terms of this agreement, GLA has agreed to withdraw all outstanding proceedings against the Company upon the consummation of the transactions contemplated under the agreement. In addition, this agreement does not change the respective shareholding in the Company of the Company's founders and GLA. As of April 18, 2012, the latest practicable date, the Company's founders are the largest beneficial owners of the Company with approximately 40.5% of the Company's shares.
Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate, commented, "We are pleased to reach an amicable agreement with GLA on this issue. The resolution ensures that our management team's time and energy is fully devoted to achieving our long term operational and business goals."
About Century 21 China Real Estate
IFM Investments Limited is a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China. CTC primarily focuses on China's fast-growing and highly fragmented secondary real estate market, providing company-owned brokerage services, franchise services, mortgage management services, primary services, commercial services and fund management services. CTC has experienced substantial growth since it commenced operations in 2000, and received numerous awards and recognition as franchisor and real estate services provider for its service quality and business achievements. Century 21 China Real Estate became a public company in January 2010 and its ADSs currently trade on the New York Stock Exchange under the symbol "CTC." For more information about CTC, please visit http://www.century21cn.com/english.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "confident," "continue," "estimate," "expect," "future," "intend," "is currently reviewing," "it is possible," "likely," "may," "plan," "potential," "will" or other similar expressions or the negative of these words or expressions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Among other things, the Company's outlook in this announcement contains forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements and are subject to change, and such change may be material and may have a material adverse effect on the Company's financial condition and results of operations for one or more periods. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the forward-looking statements in this press release. Potential risks and uncertainties include, but are not limited to, the risks outlined in the company's Annual Report on Form 20-F and other documents filed with the U.S. Securities and Exchange Commission. Unless otherwise specified, all information provided in this press release and in the attachments is as of the date of this press release, and the Company does not undertake any obligation to update any such information, except as required under applicable law.
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SOURCE IFM Investments Limited