The merger of New Tiens with TBG pursuant to Section 253 of the DGCL became effective on August 11, 2011. New Tiens is the corporation surviving the merger, and as a result of the merger is now a privately held wholly-owned subsidiary of TIH. Pursuant to the terms of the merger, each outstanding share of common stock (other than shares held by New Tiens, shared held in treasury and shares with respect to which appraisal rights have been properly exercised and not withdrawn or lost) was converted into the right to receive $1.72 per share in cash, without interest. Notices of Merger and Appraisal Rights and Letters of Transmittal will be mailed to the former holders of such shares by the paying agent for the short-form merger as promptly as practicable, but in no event later than ten calendar days following the date the merger became effective, and should be read carefully.
The company has filed a Form 15 with the Securities and Exchange Commission on August 11, 2011 to terminate the registration of its Common Stock. Trading China is terminating coverage of Tiens Biotech, effective immediately.
We remain confident that domestic sales will return to, and potentially exceed, previous levels, as distributors begin to replenish their stock of our products. In addition, we maintain this same positive sentiment regarding international sales, which we expect will benefit from the removal of export restrictions and gradual economic improvement. We are steadfast in our commitment to building greater market share in China, expanding our international customer base, and further implementing our strategic plans for long-term domestic and international growth.
We are pleased to report an increase in domestic sales which we believe will continue in the future. Our total revenue decline should be temporary since both our domestic and global affiliated companies have not witnessed significant declines in their overall revenue. We are committed to expanding our international customer base and generating long-term domestic and international growth.