Archive | October, 2009

Lihua International Announces Production Capacity Expansion

Lihua International Announces Production Capacity Expansion

Lihua International, Inc., (Nasdaq: LIWA), a leading Chinese developer, designer, manufacturer, marketer and distributor of low cost, high quality alternatives to pure copper superfine and magnet wire, today announced new production capacity expansion following the recent completion of the Company’s initial public offering of common stock.

The Company has begun production on four new proprietary high speed manufacturing lines. The new lines increase Lihua’s copper wire capacity from 1,000 metric tons per month to 1,500 metric tons per month and CCA wire capacity from 500 metric tons per month to 600 metric tons per month.

To supplement and capitalize on its well-established CCA business and proprietary cleaning technologies, at the end of the first quarter of 2009, Lihua began utilizing refined, or recycled, copper to manufacture and sell low content oxygen copper cable and copper magnet wire to its existing customer base. Lihua’s copper recycling facility operates two horizontal smelters for a current production capacity of 25,000 tons per annum.

“As CCA and recycled copper magnet wire are increasingly accepted as alternatives to pure copper wire magnet wire, we are leveraging our fine wire expertise to develop new products and processes while aggressively growing our production capacity to meet surging domestic demand,” said Jianhua Zhu, Chairman and Chief Executive Officer of Lihua. “Our highly scalable production facilities and competitive supply chain advantages allow us to steadily add capacity while maintaining healthy margins. We believe that our emphasis on technological innovation and production efficiency has contributed significantly to our leading industry position in China and will enable us to capture a growing share of an enormous market opportunity.”

Market Demand

Lihua’s proprietary copper-cleaning technology, which produces 99.96% copper purity, puts the Company in a leadership position within the world’s largest addressable market for copper consumption. China ranks as the largest copper consuming country in the world with a market share of approximately 22% of global demand. Experts have indicated that China’s four trillion RMB stimulus package should assist in sustaining the rate of copper demand through ongoing and accelerating housing and infrastructure investments.

About Lihua International, Inc.

Lihua International, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China’s rapidly growing magnet and fine wire market. Lihua is one of the first vertically integrated companies in China to develop, design, manufacture, market and distribute lower cost, high quality, alternatives to pure copper magnet wire. Lihua’s products include copper-clad aluminum wire (“CCA”) and recycled scrap copper wire and are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua’s corporate and manufacturing headquarters are located in the heart of China’s copper industry in Danyang, Jiangsu Province. http://www.lihuaintl.com

As of Monday, October 5, 2009, Lihua was ranked the No. 1 performing IPO to date in 2009 with a 152% increase in stock price since the beginning of trading on September 4th.

To be added to the Company’s email distribution for future news releases, please send your request to lihua@tpg-ir.com.

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China Security Closes $58.5 Million Registered Direct Offering

China Security Closes $58.5 Million Registered Direct Offering

China Security & Surveillance Technology, Inc. (CSR), a leading provider of digital surveillance technology in the PRC, today announced that it has completed its registered direct offering with certain accredited investors for 9.36 million shares of its common stock at a price at $6.25 per share under its Form S-3 Registration Statement resulting in gross proceeds to the Company of $58.5 million, before deducting placement agent fees and expenses of the offering. In addition, the Company has issued to the investors warrants to purchase 2.3 million shares of common stock, in the aggregate, at a price of $8.16 per share for a term of one year. Brean Murray, Carret & Co., LLC acted as the sole placement agent on the transaction.

The net proceeds from the offering will be used to repay the Company’s $50 million Tranche A Zero Coupon Guaranteed Senior Unsecured Convertible Notes for a purchase price of $47.5 million, as specified in a non-binding term sheet signed between the Company and Citadel Equity Fund Ltd. Pending such repayments the Company will use the remaining net proceeds from the offering for working capital and general corporate purposes.

About China Security & Surveillance Technology, Inc.

Based in Shenzhen, China, CSST manufactures, distributes, installs and services surveillance and safety products and systems as well as develops surveillance and safety related software in China. Its customers are mainly comprised of commercial and government entities and non-profit organizations. CSST has built a diversified customer base through its extensive sales and service network that includes over 150 branch offices and distribution points throughout China. To learn more about the Company visit http://www.csst.com .

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China Aoxing to Present at 2009 Roth China Conference

China Aoxing to Present at 2009 Roth China Conference

China Aoxing Pharmaceutical Company, Inc. (CAXG) (“China Aoxing”), a China-based pharmaceutical company specializing in research, development, manufacturing and distribution of narcotic and pain-management products, today announced that the Company will present at the 2009 Roth China Conference on October 14, 2009. Management will meet with institutional investors throughout both October 13 and 14.

For further details, please contact your institutional sales representative.

About China Aoxing Pharmaceutical Company, Inc.

China Aoxing Pharmaceutical Company, Inc. (OTCBB: CAXG) is a pharmaceutical company located in China specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. It has a strategic alliance with American Oriental Bioengineering, Inc. (NYSE: AOB) to develop and market various narcotic drugs in China. Headquartered in Shijiazhuang City, the pharmaceutical capital of China, outside of Beijing, China Aoxing has China’s largest and the most advanced manufacturing facility for highly regulated narcotic medicines, addressing a very under-served and fast-growing market in China. Its facility is one of the few GMP facilities licensed for narcotics medicines. The Company is working closely with the Chinese government and SFDA to assure the strictly regulated availability to medical professionals of its narcotic drugs and pain medicines throughout China.

Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other risk factors identified in the Company’s filings with the Securities and Exchange Commission, including the Form 10-KSB for the year ended June 30, 2008, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

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China Security to Repurchase $50 Million of Convertible Notes

China Security to Repurchase $50 Million of Convertible Notes

China Security & Surveillance Technology, Inc. (CSR), a leading provider of digital surveillance technology in the PRC, today announced that it has entered into definitive agreements with certain accredited investors to sell in a registered direct offering 9.36 million shares of its common stock at a price at $6.25 per share under its Form S-3 Registration Statement resulting in gross proceeds to the Company of $58.5 million, before deducting placement agent fees and expenses of the offering. In addition, the Company has issued to the investors warrants to purchase 2.3 million shares of common stock, in the aggregate, at a price of $8.16 per share for a term of one year. The closing is subject to certain customary closing conditions and is expected to occur early next week.

The net proceeds from the offering will be used to repay the Company’s $50 million Tranche A Zero Coupon Guaranteed Senior Unsecured Convertible Notes for a purchase price of $47.5 million, as specified in a non-binding term sheet signed between the Company and Citadel Equity Fund Ltd. Pending such repayments the Company will use the net proceeds from the offering for working capital and general corporate purposes.

Mr. Guoshen Tu, Chief Executive Officer of CSST, commented, “We are very pleased by the strong interest to our offering and to be able to sign the term sheet with Citadel to retire the Tranche A Notes. We believe the combination of these two transactions will further strengthen our balance sheet, create additional cost savings, improve future cash flows, and enhance our capital structure. These ongoing efforts should augment our financial flexibility and help us support our strategic expansion and long term growth.”

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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any jurisdiction. The shares of common stock may only be offered by means of a prospectus. Copies of the final prospectus supplement and accompanying base prospectus can be obtained from Brean Murray, Carret & Co., LLC (570 Lexington Avenue, 11th Floor, New York, NY 10022, fax +1-212-702- 6548), or from China Security & Surveillance Technology, Inc. (13/F, Shenzhen Special Zone Press Tower, Shennan Road, Futian District, Shenzhen, People’s Republic of China, 518034).

Existing Notes Details

On September 2, 2009, the Company restructured its two 1% Guaranteed Senior Unsecured Convertible Notes due 2012 into two new tranches of notes: the Tranche A Zero Coupon Guaranteed Senior Unsecured Convertible Notes (the “Tranche A Notes”) and the Tranche B Zero Coupon Guaranteed Senior Unsecured Notes (the “Tranche B Notes”).

The Tranche A Notes have a principal amount of $50 million, zero coupon interest, and mature on September 2, 2012. The Company will repay the principal amount in six consecutive semi-annual installments, starting March 2, 2010, with 25%, 25% and 50% of the principal amount to be repaid in the first, second and third year, respectively. The conversion price will be $10.00 per share initially, subject to customary conversion price adjustments, anti- dilution protections and a one-time price reset on March 2, 2011 (the ‘Reset Date’) based on the volume weighted average price of the Company’s shares during the 45 trading days immediately preceding the Reset Date, provided that the conversion price shall be adjusted to no lower than $6.00 per share.

The Tranche B Notes, which are not convertible, have a principal amount of $84 million, zero coupon interest, and mature on September 2, 2012. The Company will repay the principal amount in six consecutive semi-annual installments, starting March 2, 2010, with 46%, 46% and 8% of the principal amount to be repaid in the first, second and third year, respectively.

The Company is entitled to redeem the two tranches of notes at any time with no premium or penalty at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus default interest, if any.

About China Security & Surveillance Technology, Inc.

Based in Shenzhen, China, CSST manufactures, distributes, installs and services surveillance and safety products and systems as well as develops surveillance and safety related software in China. Its customers are mainly comprised of commercial and government entities and non-profit organizations. CSST has built a diversified customer base through its extensive sales and service network that includes over 150 branch offices and distribution points throughout China. To learn more about the Company visit http://www.csst.com .

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