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Fri 23 Mar 2012, 07:33 GMT

Andatee committee appoints advisors


Financial advisor will assist in evaluating the CEO's offer to acquire all of Andatee's outstanding shares.

Andatee China Marine Fuel Services Corporation, a leading producer, distributor, and retailer of marine fuel for small cargo and fishing vessels in China, has announced that the special committee of its board of directors, consisting of two of the company's independent directors, Mr. Francis N.S. Leong and Mr. Wen Jiang, 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," Andatee said.

Morris James LLP is serving as the special committee's legal counsel.

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