XI'AN, China, Dec. 29, 2010 /PRNewswire-Asia-FirstCall/ -- Sino Clean Energy, Inc. (Nasdaq: SCEI) ("Sino Clean Energy" or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced that it has closed its previously announced sale of 5,465,000 shares of its common stock at a price of $5.25 per share. On December 22, 2010, the underwriters exercised their over-allotment option to purchase an additional 819,750 shares of common stock.
The Company received aggregate net proceeds of approximately $29.6 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company expects to use the net proceeds from this offering to expand its CWSF production capacity at new and existing facilities throughout China, to pay the remainder of the purchase price under an agreement to purchase land use rights and a production factory in Dongguan, Guangdong Province and for working capital and general corporate purposes.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), and Axiom Capital Management, Inc. acted as joint book-running managers for the offering.
The offering of these securities will be made only by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov. Alternatively, a copy of the prospectus related to this offering may be obtained from Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: 212-430-1710 or email: firstname.lastname@example.org, or from Axiom Capital Management Inc., Prospectus Department, 780 Third Avenue, New York, NY 10017, telephone: 212.521.3800 or email: email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Sino Clean Energy, Inc.
Sino Clean Energy is a U.S. publicly traded company and a China-based producer and distributor of coal-water slurry fuel ("CWSF"). With locations in Shaanxi Province and Liaoning Province, Sino Clean Energy is one of the leading CWSF producers in China. For more information about Sino Clean Energy, please visit http://www.sinocei.net/.
Safe Harbor Statement
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions, future operating results of the Company, capital expenditures, expansion and growth opportunities, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.
For more information, please contact:
Assistant to the Chairman
HC International, Inc.
SOURCE Sino Clean Energy Inc.