TORONTO, ONTARIO--(Marketwired - Aug 20, 2014) - Hanfeng Evergreen Inc. ("Hanfeng" or the "Company") announced today that, pursuant to an application by the Company in the Ontario Superior Court of Justice heard earlier today, Ernst & Young Inc. has been appointed as receiver and manager over all of the assets of Hanfeng (in such capacity, the "Receiver") and the previously announced sale by the Company of all of the shares of the Company's wholly-owned subsidiary Hanfeng Slow-Release Fertilizer (Heilongjiang) Co., Ltd. to Heilongjiang Pengcheng Fertilizer Co., Ltd. (the "Transaction") has been approved by the court.
The Receiver will be responsible for, among other things, overseeing closing of the Transaction (including receipt of the purchase price), overseeing a claims process and distributing the remaining proceeds of the Transaction following the payment of all expenses and allowed claims all subject to the oversight and approval of the Ontario Superior Court of Justice.
In light of the foregoing, each director of Hanfeng has resigned.