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Harbin Electric, Inc. (HRBN) announced that Harbin Tech Full Electric Co. Ltd., a wholly owned subsidiary of the Company, has entered into a definitive Agreement to acquire Xi'an Simo Motor Incorporation in China. Pursuant to the terms of the Agreement, Harbin Tech Full has agreed to acquire 100% of the outstanding shares and all of the corresponding assets of Simo Motor in consideration for the payment of a purchase price equal to no less than six times and no more than eight times the 2008 audited net profits of Simo Motor. The closing of the acquisition is conditioned upon the completion of the registration of the share transfer with the requisite PRC authorities, which is expected to occur within the next 25 business days. The Company expects this acquisition to be earnings accretive immediately. The Company intends to utilize a portion of the proceeds from the public offering it completed in August 2009 to finance the payment of the purchase price. With more than 50 years of history, Simo Motor is a leading developer and manufacturer of industrial rotary motors in China, providing electrical driving systems for a wide range of industrial applications. For the fiscal year ended December 31, 2008, Simo Motor's total unaudited revenues were approximately US$160.9 million and its unaudited net profits were approximately US$14.4 million. Harbin Electric will publicly disclose Simo Motor's audited financial statements upon completion of the auditing process. KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC. ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information. If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com Knobias.com, LLC 601-978-3399 601-978-3675 info@knobias.com www.knobias.com/cmtx For full details on Harbin Electric Inc. (HRBN) click here. Harbin Electric Inc. (HRBN) has Short Term PowerRatings of 4. Details on Harbin Electric Inc. (HRBN) Short Term PowerRatings is available at This Link.
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