HARBIN, China, April 21 /PRNewswire-Asia/ -- 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 Republic of China, today announced that it has filed a universal shelf registration statement on Form S-3 ("Registration Statement") with the Securities and Exchange Commission ("SEC") on April 20, 2010.
The Registration Statement, when declared effective by the SEC, would allow the Company to offer and sell, from time to time, in one or more offerings, any combination of common stock, warrants, debt securities, or units (collectively, the "Securities") having an aggregate initial offering price not exceeding $100 million with the size, price and terms to be determined at the time of the sale. The Registration Statement is intended to provide the Company with the flexibility to raise additional capital in the future from the offering of the Securities, subject to market conditions and the Company's capital needs.
The Registration Statement filed with the SEC has not yet become effective. No Securities may be sold, nor may offers to buy be accepted, prior to the effectiveness of the Registration Statement and the filing of one or more prospectus supplements containing the terms of the Securities to be offered. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Securities, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offer of the Securities will be solely by means of the prospectus included in the Registration Statement and one or more prospectus supplements that will be issued at the time of the offering.
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 industrial rotary motors, linear motors, and specialty micro-motors. The Company's products are purchased by a broad range of domestic and international customers, including those involved in energy industry, factory automation, food processing, packaging, transportation, automobile, medical devices, machinery and tool manufacturing, chemical, petrochemical, as well as in the metallurgical and mining industries. With a recent acquisition of industrial rotary motor business, the Company operates four manufacturing facilities in China located in Xi'an, Weihai, Harbin and Shanghai.
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. Relying on its own proprietary technology, the Company developed an energy efficient linear motor driving oil pump, the first of its kind in the world, for the largest oil filed in China. Its self-developed linear motor propulsion system is powering China's first domestically made linear motor driving metro train. As China continues to grow its industrial base, Harbin Electric aspires to be a leader in the industrialization and technology transformation of the Chinese manufacturing sector. To learn more about Harbin Electric, visit http://www.harbinelectric.com .
