BEIJING, July 10 /PRNewswire-Asia/ -- VanceInfo Technologies Inc. (NYSE: VIT) ("VanceInfo"), an IT service provider and one of the leading offshore software development companies in China, today announced that its follow-on public offering of 5,429,565 American Depositary Shares ("ADSs"), each representing one ordinary share of VanceInfo, was priced at $11.00 per ADS. Of the ADSs to be sold in the offering, 300,000 ADSs will be sold by VanceInfo, and 5,129,565 ADSs will be sold by selling shareholders. In addition, the underwriters have been granted an option to purchase up to an additional 814,435 ADSs from VanceInfo and the selling shareholders, within 30 days from the date of the prospectus, to cover any over-allotments.
VanceInfo intends to use the net proceeds from the offering, after deducting underwriting discounts and offering expenses, for general corporate purposes. VanceInfo will not receive any of the proceeds from the sale of ADSs by the selling shareholders.
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are serving as the joint bookrunners for this offering. Cowen and Company, Oppenheimer & Co. and Susquehanna Financial Group, LLLP are serving as co-managers.
The ADSs will be sold pursuant to an effective registration statement that has been previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction. The offering of the securities is made only by means of a prospectus, copies of which, when available, may be obtained from Citigroup Global Markets Inc., c/o Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone toll-free at (800) 831-9146; or from J.P. Morgan Securities Inc., National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, telephone collect at (718) 242-8002.
About VanceInfo
VanceInfo Technologies Inc. is an IT service provider and one of the leading offshore software development companies in China.
VanceInfo's comprehensive range of IT services includes research & development services, enterprise solutions, application development & maintenance, quality assurance & testing, and globalization & localization. VanceInfo provides these services primarily to corporations headquartered in the United States, Europe, Japan, and China, targeting high-growth industries such as technology, telecommunications, financial services, manufacturing, retail, and distribution.
Safe Harbor
This news release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, should, expects, anticipates, future, intends, plans, believes, estimates, and similar statements. Among other things, the management's quotations contain forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Potential risks and uncertainties include, but are not limited to, the company's dependence on a limited number of clients for a significant portion of its revenues, the economic slowdown in its principal geographic markets, the quality and portfolio of its services lines and industry expertise, and the availability of a large talent pool in China and supply of qualified professionals, as well as the PRC government's investment in infrastructure construction and adoption of various incentives in the IT service industry. Further information regarding these and other risks is included in VanceInfo's filings with the U.S. Securities and Exchange Commission. All information provided in this news release and in the attachments is as of July 10, 2009, and VanceInfo does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
