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Exceed Company Ltd. : Exceed Company Ltd. Announces Completion of Transaction With 2020 ChinaCap Acquirco, Inc. and Windrace In

^{Published on 2009-10-21 10:38:48 - Market Wire}
 

MARLBOROUGH, MA and BEIJING, CHINA--(Marketwire - October 21, 2009) - Exceed Company Ltd. ("Exceed" or the "Company"), (NASDAQ: [ EDS ]), the successor to 2020 ChinaCap Acquirco, Inc. ("2020"), announced today the completion of the acquisition of the outstanding shares of Windrace International Company Limited (the "Acquisition") and the redomestication of 2020 to the British Virgin Islands through a merger of 2020 with and into the Company (the "Redomestication"). The transaction was approved by the stockholders of 2020 at its special meeting on October 19, 2009 as described in its Registration Statement on Form S-4, as amended.

"We are very proud to announce the completion of this strategic transaction with 2020 and New Horizon Capital," stated Mr. Lin Shuipan, Chairman and CEO of Exceed. "Exceed is the first Chinese sportswear brand to be listed in the US. Sportswear consumption in China is experiencing rapid growth, making this a highly attractive segment of the consumer market. We look forward to deploying the capital from this transaction to execute our growth strategy and to solidify our position as the premier sporting goods company in China."

Excluding the underwriters' options, after the completion of the Acquisition and the Redomestication, there are currently 18,371,439 ordinary shares of Exceed outstanding (excluding 11,267,167 contingent shares which are currently held in escrow) as well as 10,890,000 warrants to purchase ordinary shares of Exceed.

ABOUT EXCEED COMPANY LTD

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. It is one of the leading domestic sports and leisurewear brands in China in terms of market share by sales revenue. Since operations began in 2002, Exceed has experienced significant growth in the mass market concentrated in the second and third tier cities in China and has established a market leading position as one of the top five Chinese sportswear brands. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbols "EDS," "EDSWW" and "EDSUU."

FORWARD LOOKING STATEMENT

The transaction described herein is subject to a number of risks and uncertainties, including, but not limited to, the ability of Exceed to successfully utilize the additional capital made available to it by the Acquisition.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and future performance of Exceed. These statements are based on management's current expectations or beliefs. Actual results may vary materially from those expressed or implied by the statements herein. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in certain of Exceed's Securities and Exchange Commission filings. For a description of certain factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release, refer to documents that Exceed files from time to time with the Securities and Exchange Commission. Exceed is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.