China Solar & Clean Energy Solutions, Inc. Raises $11 Million in Private Placement
27 February 2008 - 1:53AM
PR Newswire (US)
LOS ANGELES and BEIJING, Feb. 26 /Xinhua-PRNewswire-FirstCall/ --
China Solar & Clean Energy Solutions, Inc. (OTC:CSOL) (BULLETIN
BOARD: CSOL) (the "Company"), a premier manufacturer and
distributor of solar water heaters, space heating devices and
renewable energy solutions in the People's Republic of China (the
"PRC"), today announced that it has entered into a Securities
Purchase Agreement with certain institutional investors pursuant to
which China Solar agreed to issue and sell up to 4.7 million shares
of common stock at a purchase price of $2.40 per share, for gross
proceeds of up to US$11 million. The net proceeds of the offering
will be utilized to complete the acquisition of Shenzhen
PengSangPu, for general working capital, and future acquisitions.
Mr. Deli Du, President and CEO of China Solar said, "We are very
pleased to have completed this financing which provides us with
additional capital to help fund our future growth, including our
recently announced acquisition of Shenzhen PengSangPu. We are also
quite pleased with the quality of the institutional investors that
participated in our private placement and their confidence in our
ability to carry out our strategic vision and become the leading
Clean Tech energy solution provider in China." For more detailed
information on the financing referred to in this release, reference
is made to the Company's Current Report on Form 8-K and related
exhibits thereto being filed with the Securities and Exchange
Commission on the date hereof. The common stock issued in the
private placement has not been registered under the Securities Act
of 1933, as amended, and may not be subsequently offered or sold by
the investors in the United States, except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements. China Solar has agreed to file a
registration statement covering the resale by the investors of the
common stock issued in the private placement within 45 days of the
closing date. This press release does not constitute an offer to
sell or the solicitation of an offer to buy any security and shall
not constitute an offer, solicitation or sale of any securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. About China Solar & Clean
Energy Solutions, Inc. China Solar & Clean Energy Solutions,
Inc. operates through its wholly owned subsidiaries Bazhou Deli
Solar Heating Energy Co. Ltd., Beijing Deli Solar Technology
Development Co., Ltd. and its 51% ownership in Tianjin Huaneng
Energy Equipment Company, all of which are located in the PRC. The
Company manufactures and distributes hot water and space heating
devices to customers in the PRC, in addition to waste heat recovery
systems. For more information, please visit http://www.cn-cse.com/
. Safe Harbor Statement: Certain statements in this news release
may contain forward-looking information about China Solar &
Clean Energy Solutions, Inc. and its subsidiaries' business and
products within the meaning of Rule 175 under the Securities Act of
1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and
are subject to the safe harbor created by those rules. The actual
results may differ materially depending on a number of risk factors
including, but not limited to, the general economic and business
conditions in the PRC, market and customer acceptance and demand
for products, ability to market products, fluctuations in foreign
currency markets, the use of estimates in the preparation of
financial statements, the impact of competitive products and
pricing, the ability to develop and launch new products on a timely
basis, the regulatory environment, fluctuations in operating
results, and various other factors beyond its control. All
forward-looking statements are expressly qualified in their
entirety by this Cautionary Statement and the risks factors
detailed in the Company's reports filed with the Securities and
Exchange Commission. China Solar & Clean Energy Solutions, Inc.
undertakes no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of
this release. For more information, please contact: Matthew Hayden
HC International, Inc. Tel: +1-858-704-5065 Email: DATASOURCE:
China Solar & Clean Energy Solutions, Inc. CONTACT: Matthew
Hayden of HC International, Inc. at +1-858-704-5065 or , for China
Solar & Clean Energy Solutions, Inc. Web site:
http://www.cn-cse.com/
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