HARBIN, China, July 30 /PRNewswire-Asia-FirstCall/ -- Harbin Electric,
Inc., ('Harbin Electric' or the 'Company'; Nasdaq: HRBN), a leading developer
and manufacturer of a wide array of electric motors in the People's Republic
of China, today announced that it has priced a public offering of 6,250,000
shares of its common stock, at $16.00 per share. The shares are being sold
under the Company's previously filed shelf registration statement, which was
declared effective by the Securities and Exchange Commission on June 9, 2009.
Net proceeds, after underwriting discounts and commissions and expenses,
will be approximately $93,600,000. Harbin Electric has granted the
underwriters option to purchase up to an additional 937,500 shares to cover
over-allotments, if any. The offering is subject to customary closing
conditions and is expected to close on Tuesday, August 4, 2009.
The Company intends to use the net proceeds from the sale of the
securities to repay certain indebtedness, to fund product development, and/or
for working capital and general corporate purposes, including for potential
acquisitions.
Roth Capital Partners, LLC is acting as the sole underwriter.
This press release does not constitute an offer to sell or a solicitation
of an offer to buy the securities in this offering. The offering may be made
only by means of a prospectus, copies of which may be obtained, when available,
from Roth Capital Partners, LLC, Attention: Equity Capital Markets, 24
Corporate Plaza Drive, Newport Beach, CA 92660, by telephone at (949) 720-7194,
or via email at rothecm@roth.com.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer
and manufacturer of a wide array of electric motors with a focus on innovative,
customized and value-added products. Its major product lines include linear
motors, automobile specialty micro-motors, and industrial rotary motors. The
Company's products are purchased by a broad range of domestic and
international customers, including those involved in oil services, factory
automation, food processing, packaging, transportation, automobile, medical
devices, machinery and tool manufacturing, petrochemical, as well as in the
metallurgical and mining industries.
Harbin Electric has built a strong research and development capability by
recruiting talent worldwide and through collaborations with top scientific
institutions.
