HARBIN, China, Aug. 17 /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 closed the sale of an additional 937,500 shares of common stock at the public offering price of $16.00 per share, pursuant to the over-allotment option exercised in full by the underwriter in connection with its public offering that closed on August 4, 2009.

The exercise of the over-allotment option brings the total number of shares sold by Harbin Electric in this public offering to 7,187,500 and the total gross proceeds to $115 million. The aggregate net proceeds received by the Company totaled approximately $107.5 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.

The Company used part of the net proceeds from the sale of the securities to repay certain indebtedness. The Company intends to use the remainder of the net proceeds to fund product development and/or for working capital and general corporate purposes, including for potential acquisitions.

Roth Capital Partners, LLC acted as the sole underwriter for the offering.

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.