HARBIN, China, Sept. 6, 2011 /PRNewswire/ -- Harbin Electric, Inc. ("Harbin Electric" or the "Company"; NASDAQ: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China (" China"), today issued a statement regarding an anonymous blog posting, which includes a report with contributions made by persons that have a short interest in Harbin Electric. "Harbin Electric categorically denies the latest baseless accusations made in an anonymous report posted on a blog earlier today, which includes contributions by short sellers. Regarding the land purchase referenced in the report, the Company stands by the statements as disclosed in its 10-Q dated August 9, 2011. Harbin Electric confirms that the land purchase was done in full compliance with various relevant Chinese government entities and notes this transaction structure is a common practice in China." The Company cautions shareholders to disregard and not be distracted by these and all previous accusations raised by short sellers. The $24.00 per share all cash going private transaction was reaffirmed today by the purchasing group, including Mr. Tianfu Yang, Chairman and Chief Executive Officer of Harbin Electric, and Abax Global Capital ("Abax"). The China Development Bank Corporation also today reaffirmed its commitment to provide financing for the going private transaction. Safe Harbor Statement The actual results of Harbin Electric, Inc. could differ materially from those described in this press release. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in the Company's periodic filings with the U.S. Securities and Exchange Commission, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-K for the year ended December 31, 2010. The Company does not undertake any obligation to update forward-looking statements contained in this press release. This press release contains forward-looking information about the Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negatives thereof, or comparable terminology, and include discussions of strategy, and statements about industry trends and the Company's future performance, operations and products. A number of the matters discussed herein that are not historical or current facts deal with potential future circumstances and developments, in particular, whether and when the transactions contemplated by the Merger Agreement will be consummated. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: any conditions imposed on the parties in connection with consummation of the transactions described herein; adoption of the Merger Agreement by the Company's shareholders; satisfaction of various other conditions to the closing of the transactions described herein; and the risks that are described from time to time in the Company's reports filed with the SEC.
Harbin Electric (Nasdaq:HRBN) hit a new 52-week high Monday as it is currently trading at $23.62, above its previous 52-week high of $23.20 with 539,265 shares traded as of 9:55 a.m. ET. Average volume has been 1.7 million shares over the past 30 days.