March 21, 2012
Andatee China Marine Fuel Services Corporation
("Andatee" or "the Company")
, a leading producer, distributor, and retailer of quality marine fuel for small cargo and fishing vessels in
, today announced that the Special Committee of its Board of Directors, consisting of two of the Company's independent directors, Mr.
Francis N.S. Leong
, has retained Duff & Phelps, LLC as its independent financial advisor.
The independent financial advisor will assist the Special Committee in evaluating the previously disclosed proposal from An Fengbin, Chief Executive Officer of the Company, to acquire all of the outstanding shares of Andatee that he does not already own. The Special Committee is continuing its evaluation of the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.
Morris James LLP serves as the Special Committee's legal counsel.
Notice to Investors
The tender offer for the outstanding shares of Andatee has not yet commenced. No statement in the press release is an offer to purchase or a solicitation of an offer to sell securities. At the time the tender offer is commenced, An Fengbin and his affiliates will file a tender offer statement on Schedule TO with the Securities and Exchange Commission, and Andatee will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation/recommendation statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. Such materials will be made available to Andatee's stockholders at no expense to them. In addition, such materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's Web site:
INVESTORS AND SECURITIES HOLDERS ARE URGED TO READ BOTH THE TENDER OFFER STATEMENT AND THE SOLICITATION/RECOMMENDATION STATEMENT REGARDING THE OFFER, AS THEY MAY BE AMENDED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.