HARBIN, China, Aug. 5 /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 the closing of its previously announced public offering
of 6,250,000 shares of its common stock at $16.00 per share. The Company
received net proceeds of approximately $93.4 million from the offering, after
deducting underwriting discounts and estimated offering expenses.
Roth Capital Partners LLC acted as the sole underwriter for the offering.
Harbin Electric has granted the underwriter the option to purchase up to an
additional 937,500 shares of common stock on or prior to August 29, 2009 to
cover over-allotments, if any.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or jurisdiction.
Copies of the prospectus supplement relating to this offering may be obtained
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. The Company owns numerous patents in China and has developed
award-winning products for its customers. Through its U.S.
