China ACM Announces Pricing of Common Stock Public Offering
25 February 2010 - 1:19AM
PR Newswire (US)
BEIJING, Feb. 24 /PRNewswire-FirstCall/ -- China Advanced
Construction Materials Group, Inc. (NASDAQ:CADC) ("China ACM" or
the "Company"), a leading provider of ready-mix concrete in China,
today announced the pricing of its public offering of 2 million
registered shares of common stock ("shares") at a price of $4.60
per share. In addition, the Company has granted the underwriter a
30 day option to purchase an additional 300,000 shares at the
public offering price of $4.60 per share to cover over-allotments.
The shares are being sold under the Company's previously filed
shelf registration statement, which was declared effective by the
U.S. Securities and Exchange Commission ("SEC") on January 11,
2010. The offering is expected to settle and close on March 1,
2010. The Company intends to use the net proceeds to purchase 2
additional portable concrete mixing plants with the balance
allocated for working capital purposes. Roth Capital Partners was
the sole underwriter for this transaction. Jeremy Goodwin,
President, CFO and Director, commented, "We are proud of our growth
and accomplishments to date. Our team of technically savvy and
innovative concrete operators in China has a clear growth strategy
and a strong proven track record. We believe infrastructure
construction in China will continue for the foreseeable future. In
particular, the initial high-speed passenger railways that have
already gone into operation, such as the Beijing-Tianjin and
Wuhan-Guangzhou high-speed passenger lines, have won wide acclaim
and confirm the merits of such projects as well as the ongoing
demand for reliable high grade concrete mixtures like ours. The
successful completion of this public offering will serve to bolster
our roster of shareholders and will allow us to further reinforce
our leading position in the market." Roth Capital Partners, LLC
("Roth") is acting as sole manager for the offering. The offering
will be made solely by means of prospectus and accompanying
prospectus supplement, copies of which may be obtained from Roth.
Roth's headquarters is located at 24 Corporate Plaza Drive, Newport
Beach, CA 92660, and can be reached by calling 800-678-9147 or . An
electronic copy of such prospectus is also available on the web
site of the SEC at http://www.sec.gov/. This press release shall
not constitute an offer to sell or a 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 China ACM China ACM, founded in 2002 and based
in Beijing, China, is a leading producer of advanced construction
materials for large scale infrastructure, commercial and
residential developments. The Company is primarily focused on
producing and supplying a wide range of advanced ready-mix concrete
materials for highly technical, large scale, and environmental
construction projects. The Company also aims to develop and produce
new and innovative energy efficient and environmentally conscious
construction materials. China ACM provides materials and services
through its five ready-mix concrete plant network covering the
Beijing metropolitan area. China ACM owns one plant and leases four
plants in Beijing and has technical services and preferred
procurement agreements with five other independently-owned plants
across China. The company presently owns 12 portable plants
deployed in 10 provinces across China. China ACM is ISO 9001
(product quality), ISO 14001 (environmental safety), and ISO 18001
(employment environment safety) certified. Additional information
about the company is available at http://www.china-acm.com/. This
press release contains "forward-looking statements" within the
meaning of the "safe-harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve known and
unknown risks, uncertainties and other factors that could cause the
actual results of the Company to differ materially from the results
expressed or implied by such statements, including changes from
anticipated levels of sales, future national or regional economic
and competitive and regulatory conditions, changes in relationships
with customers, access to capital, difficulties in developing and
marketing new products, marketing existing products, customer
acceptance of existing and new products, and other factors.
Additional Information regarding risks can be found in the
Company's Annual Report on Form 10K and in the Company's recent
report on Form 8K filed with the SEC. Accordingly, although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release. Contact: Kevin Theiss Grayling
646-284-9409 DATASOURCE: China ACM CONTACT: Kevin Theiss, Grayling,
+1-646-284-9409, Web Site: http://www.china-acm.com/
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