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China Integrated Energy, Inc. Announces Closing of Public Offering of Five Million Shares of Common Stock
XI'AN, China, Nov 06, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ --
China Integrated
Energy, Inc. (Nasdaq: CBEH; the "Company"), a leading non-state-owned
integrated energy company in the People's Republic of China, today announced
the closing of its previously announced public offering of 5,000,000 shares of
its common stock. The Company received net proceeds of approximately $26.9
million from the offering, after deducting underwriting discounts and
commission and estimated offering expenses. The Company has granted the
underwriters an option to purchase up to an additional 750,000 shares of
common stock to cover over-allotments, if any.
The Company anticipates that the net proceeds from the offering will be
used for the expansion of its biodiesel production capacity, wholesale
distribution and retail gas station businesses and for working capital and
general corporate purposes.
Oppenheimer & Co. acted as sole book-running manager for the offering.
Cowen and Company and Roth Capital Partners acted as co-managers for the
offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful.
About China Integrated Energy, Inc.
The Company is a leading non-state-owned integrated energy company in the
PRC engaged in three business segments, the wholesale distribution of finished
oil and heavy oil products, the production and sale of biodiesel and the
operation of retail gas stations. The Company's primary business segment is
the wholesale distribution of finished oil and heavy oil products. The
Company also operates a 100,000-ton biodiesel production plant and seven
retail gas stations in China.
Safe Harbor Statement
This press release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
can be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statements.
For example, statements about the future use of the proceeds are forward
looking and subject to risks. China Integrated Energy, Inc. may also make
written or oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual
report to shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements.
A number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, risks outlined in the Company's
filings with the U.S. Securities and Exchange Commission, including its
registration statement on Form S-1, as amended. The Company does not
undertake any obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
China Integrated Energy, Inc.
Alex Gong, VP of Capital Market
Tel: +86-136-0127-9912
Email: alexgong08@gmail.com
Web: http://www.cbeh.net.cn
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Web: http://www.hcinternational.net
SOURCE China Integrated Energy, Inc.
http://www.cbeh.net.cn
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