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China Healthcare Acquisition Corp. Announces Stockholder Approval of Charter Amendment to Permit Early Distribution of Its Trust Fund and to Permit Its Continued Existence Without Blank Check Company Provisions and Sets Payment Date
Date:3/5/2009

PASADENA, Calif., March 5 /PRNewswire-FirstCall/ -- China Healthcare Acquisition Corp. (the "Company") (NYSE Alternext US: CHM, CHM-U, CHM-WS) announced that at its annual meeting held today, March 5, 2009, its stockholders voted in favor of a charter amendment to allow the early distribution of the Company's trust fund for the benefit of its public stockholders of record as of March 5, 2009. Today's vote had the automatic effect of immediately canceling all shares issued in the Company's initial public offering and converting them into rights to receive a pro rata share of the trust fund distribution, expected to be $5.89 per share. The Company's units have separated into their component parts: two warrants and rights to receive the distribution for one share of common stock. Effective as of the close of business today, the Company's common stock [CHM] and units [CHM-U] held by its public shareholders will no longer be quoted on NYSE Alternext US and will no longer trade or be tradeable. The Company's warrants [CHM-WS] will no longer be quoted on NYSE Alternext US, but will remain outstanding in accordance with their terms, as disclosed in the Company's definitive proxy statement dated February 4, 2009. The Company's remaining stockholders voted to remove the blank check company restrictions from the Company's charter, allowing the Company to continue its corporate existence beyond its scheduled termination date of April 19, 2009.

The Company has set the payment date for distribution of the trust fund to holders of the Company's shares of common stock as March 10, 2009.

Commenting on today's stockholder actions, Alwin Tan, Chief Executive Officer, said "We are pleased that our stockholders approved these initiatives, which we believe are the best ways to preserve and create the most value for our stockholders. We have instructed the Trustee of the Company's trust fund, American Stock Transfer & Trust Company, to dist
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SOURCE China Healthcare Acquisition Corp.
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