China Jo-Jo Drugstores, Inc. Announces Closing of Public Offering of Common Stock
28 April 2010 - 9:30PM
Business Wire
China Jo-Jo Drugstores, Inc. (NASDAQ:CJJDD) ("Jo-Jo Drugstores"
or the "Company"), which operates a retail pharmacy chain in the
People’s Republic of China (the “PRC”), today announced that it
closed its previously announced public offering of 3.5 million
shares of common stock. Gross proceeds to the Company from the
offering, prior to deducting underwriting discounts, commissions
and offering expenses, were approximately $17.5 million.
“We are very pleased to complete this offering and list on The
NASDAQ Capital Market,” stated Dr. Lei Liu, Chairman and Chief
Executive Officer of the Company. “We are planning to use the
proceeds to implement our expansion throughout the Zhejiang
Province.”
Madison Williams and Company, LLC and Rodman & Renshaw, LLC,
a subsidiary of Rodman & Renshaw Capital Group, Inc.
(NASDAQ:RODM), acted as joint book-running managers for the
offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Company's 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 Jo-Jo Drugstores, Inc.
Jo-Jo Drugstores, through its contractually controlled
affiliates Hangzhou Jiuzhou Grand Pharmacy Chain Co., Ltd.,
Hangzhou Jiuzhou Clinic of Integrated Traditional and Western
Medicine General Partnership, and Hangzhou Jiuzhou Medical &
Public Health Service Co., Ltd., operates a retail pharmacy chain
in China offering both western and traditional Chinese medicine.
The chain currently has 25 stores throughout Hangzhou, the
provincial capital of the Zhejiang Province.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: Certain of the statements made in the press
release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements can be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,”
“project,” “plan,” “seek,” “intend,” or “anticipate” or the
negative thereof or comparable terminology. Such statements
typically involve risks and uncertainties and may include financial
projections or information regarding the progress of new product
development. Actual results could differ materially from the
expectations reflected in such forward-looking statements as a
result of a variety of factors, including the risks associated with
the effect of changing economic conditions in The People's Republic
of China, variations in cash flow, reliance on collaborative retail
partners and on new product development, variations in new product
development, risks associated with rapid technological change, and
the potential of introduced or undetected flaws and defects in
products, and other risk factors detailed in reports filed with the
Securities and Exchange Commission from time to time.
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