China Customer Relations Centers, Inc. Announces Receipt of Non-Binding Preliminary “Private Closure” Proposal and Formation of Special Committee

TAI’AN, China, November 30, 2020 / PRNewswire / – China Customer Relations Centers, Inc. (Nasdaq: CCRC) (“CCRC“or the”Society“), leader in the outsourcing of business processes in electronic commerce and financial services (“BPO“) service provider in China, today announced that its Board of Directors (the “Plank“) has received a non-binding preliminary proposal letter dated November 27, 2020 Jointly submitted by its founder and Chairman of the Board, Mr. Zhili wang, Sir. Debao wang, Sir. Guoan Xu, Mr. Qingmao Zhang, Mr. Long line, Sir. Jishan Sun and their respective affiliated entities (collectively, the “Group of buyers“), to acquire all of the outstanding shares of the Company which are not already held by the Group of Buyers as part of a closing transaction for $ 5.37 per share in cash (the “Proposall “). A copy of the Letter of Proposal is attached hereto as Annex A.

CPAB’s Board of Directors has formed a special committee of independent and disinterested directors (the “Special committee“) consisting of Tianjun Zhang, Owens Meng, and Jie xu with Tianjun Zhang as chairman of the special committee, to consider the proposal. The special committee retained Houlihan Lokey (China) Limited as financial advisor and Hogan Lovells as international legal advisor in connection with its review and assessment of the Proposal.

The board cautions the company’s shareholders and others considering trading in the company’s securities that no decision has been made on how to respond to the proposal. There can be no assurance that a definitive offer will be made, that an agreement will be executed or that this or any other transaction will be approved or completed. The Company makes no commitment to provide updates regarding this or any other transaction, except as required by applicable law.

About China Customer Relations Centers, Inc.

The Company is a leading provider of e-commerce and financial BPO services in China focusing on the complex, voice and online segments of customer support services, including:

The Society’s service is currently offered in the provinces of Shandong, Jiangsu, Henan, Guangdong, Yunnan, Hubei, Sichuan, Hebei, Anhui, Xinjiang, Guangxi, Jiangxi, Heilongjiang, and Chongqing. More information about the Company can be found at:

Safe Harbor declarations

Certain statements contained in this announcement may be considered “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. . These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any performance, financial condition or future operating results implied by these forward-looking statements. The accuracy of these statements may be affected by a number of business risks and uncertainties which could cause actual results to differ materially from those projected or anticipated. The Company does not undertake any continuing obligation, other than that imposed by law, to update these statements.

For more information, please contact

Sherry Zheng
Weitian Group SARL
E-mail: [email protected]
Phone: + 1-718-213-7386

SOURCE China Customer Relations Centers, Inc.

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