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Andatee China Marine Fuel Services Corporation, a leading producer, distributor, and retailer of quality marine fuel for small cargo and fishing vessels in China, has confirmed that it has received notice from its majority shareholder, chief executive officer and chairman, An Fengbin [pictured], of his intention to launch a tender offer to acquire all of the outstanding shares of Andatee that he does not already own at a price of $4.21 per share in cash, subject to financing, due diligence and other conditions.

In a statement, Andatee said its board of directors has established a Special Committee to consider the offer.

"The special committee will consider and take a position with respect to the offer in accordance with applicable legal requirements." Andatee commented.

Andatee said it has advised its shareholders to take no action with respect to the offer until they have been advised of the company's position.

The Special Committee has retained Morris James LLP as its legal counsel.

Last month, An Fengbin purchased 18,282 shares of company stock worth US$51,945, according to an SEC Filing. The purchase followed the announcement towards the end of September that he had adopted a share repurchase plan under which he may purchase up to a value of $2 million of the company's common stock up until September 19, 2012, subject to 'certain conditions'.

Between October 2010 and Octobeer 2011, An Fengbin purchased 128,463 shares in the company with a total cost of $599,236.

An Fengbin - Trading History

Mr An is the founder of Andatee's bunker supply business Dalian Xing Yuan Marine Fuel Co. Ltd.

Last year, he purchased a total of 80,474 shares in the company between November 23rd and December 16th 2010. A list of his trades during this period have been included below.

- An Fengbin bought 10,175 shares of Andatee stock on December 16th at the average price of US$5.41.

- An Fengbin bought 12,387 shares of Andatee stock on December 14th at the average price of US$5.54.

- An Fengbin bought 10,500 shares of Andatee stock on December 9th at the average price of US$5.61.

- An Fengbin bought 9,988 shares of Andatee stock on December 7th at the average price of US$5.68.

- An Fengbin bought 13,050 shares of Andatee stock on December 3rd at the average price of US$5.64.

- An Fengbin bought 9,050 shares of Andatee stock on December 1st at the average price of US$5.32.

- An Fengbin bought 8,400 shares of Andatee stock on November 29th at the average price of US$5.22.

- An Fengbin bought 3,462 shares of Andatee stock on November 23rd at the average price of US$5.21.

- An Fengbin bought 3,462 shares of Andatee stock on November 23rd at the average price of US$5.25.