China ACM Announces Closing of Common Stock Public Offering
02 March 2010 - 5:14AM
PR Newswire (US)
BEIJING, March 1 /PRNewswire-FirstCall/ -- China Advanced
Construction Materials Group, Inc. ("China ACM" or the "Company"),
a leading provider of ready-mix concrete in China, today announced
the closing of its public offering of 2 million registered shares
of common stock ("shares") at a price of $4.60 per share. As part
of the offering, the Company 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
gross proceeds of the offering was $9.2 million before the over
allotment. The Company intends to use the net proceeds to purchase
2 additional portable concrete mixing plants with the remainder
intended for working capital purposes. The shares were 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 Company has filed
certain documents with the SEC, including the Registration
Statement on Form S-3 that included the base prospectus, which was
filed on December 28, 2009 and declared effective by the U. S.
Securities and Exchange Commission on January 11, 2010, a
prospectus supplement that was originally distributed on February
22, 2010 and filed on March 1, 2010, the final prospectus
supplement, which was filed on February 24, 2010, and a Current
Report on Form 8-K, with related exhibits, which was filed on March
1, 2010. An electronic copy of such documents is available on the
web site of the SEC at http://www.sec.gov/. Roth Capital Partners,
LLC ("Roth") acted as the sole manager for the offering. Copies of
the final prospectus and accompanying final prospectus supplement
may also be obtained from Roth at 24 Corporate Plaza Drive, Newport
Beach, CA 92660, or by calling 800-678-9147 or emailing
rothecm@roth.com. Mr. Xianfu Han, Chairman and Chief Executive
Officer of China ACM, stated, "This financing has positioned China
ACM to capture more contracts, especially in the high-speed railway
expansion program, to enhance our growth and build shareholder
value. We welcome our new institutional shareholders and our
pleased to see our shareholder base broaden." Jeremy Goodwin,
President, CFO and Director, commented, "With the addition of the 2
new portable plants and increased working capital, we will be
positioned for continued growth. There is increasing demand for our
high performance, durable, environmentally friendly concrete. As
one of ten nationally certified concrete companies with the
Certificate of China Environmental Protection Concrete, we can
produce our proprietary concrete with our waste-recycling
technology throughout the country while progressing the
government's environmental mandate." 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 kevin.theiss@grayling.com DATASOURCE: China Advanced
Construction Materials Group, Inc. CONTACT: Kevin Theiss of
Grayling, +1-646-284-9409,kevin.theiss@grayling.com, for China
Advanced Construction Materials Group,Inc. Web Site:
http://www.china-acm.com/
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