WEIFANG, China, Oct. 20 /PRNewswire-Asia/ -- Yuhe International, Inc. (Nasdaq: YUII) ("Yuhe" or the "Company"), a leading supplier of day-old chickens raised for meat production, or broilers, in the People's Republic of China ("PRC"), today announced that the Company priced a registered public offering of 3,600,000 shares of its common stock at $7.00 per share. The shares are being sold under the Company's previously filed shelf registration statement on Form S-3 (File No. 333-167246), which was declared effective by the United States Securities and Exchange Commission ("SEC") on June 23, 2010.
The Company expects that the offering will yield proceeds, before expenses, of $23.9 million and intends to use the net proceeds from the sale of the common stock for future acquisitions, capital expenditures and general corporate and working capital purposes.
Roth Capital Partners acted as sole book-running manager of the offering with Rodman & Renshaw, Brean Murray, Carret & Co., and Global Hunter Securities acting as the co-managers. In connection with the offering, the Company also granted the underwriters a 30-day option to purchase up to an additional 540,000 shares to cover over-allotments, if any. The offering is expected to close on or about October 25, 2010, subject to satisfaction of customary closing conditions.
A base prospectus and prospectus supplement related to the offering have been filed with the SEC and are available on the SEC's website, http://www.sec.gov.
Copies of the base prospectus and the prospectus supplement relating to the offering may also be obtained from Roth Capital Partners, LLC, Attention: Equity Capital Markets, 24 Corporate Plaza Drive, Newport Beach, CA 92660, by fax at (949) 720-7227, or via email at rothecm@roth.com.
About Yuhe International, Inc.
Founded in 1996, Yuhe is the largest day-old broiler breeder in China. The Company's main operations involve breeding, as all broilers are sold within a day of hatching. Headquartered in Weifang, Shandong Province, the Company has modern facilities and is led by an experienced team which includes experts in chicken breeding, disease prevention and animal husbandry science. Yuhe has two operational subsidiaries, Weifang Yuhe Poultry Co. Ltd. and Weifang Taihong Feed Co. Ltd., which largely supplies the Company's internal demand for chicken feed. Currently, 90% of the Company's sales of day-old broilers are in Shandong province through 28 local agents. There are 10 other sales agents in adjacent provinces. The Company has imported state-of-the-art equipment from the United States, Germany and Japan and has passed ISO9001 certification, allowing it to adhere to international standards of operation. For more information on the Company and its products, please visit http://www.yuhepoultry.com .
Cautionary Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information, please contact:
Yuhe International, Inc.
Mr. Vincent Hu, Chief Financial Officer
Phone: +86-536-7300-667
Email: vincent.hu@yuhepoultry.com
Mr. Jason Wang, Director of Investor Relations
Phone: +1-765-409-1844
Email: jason.wang@yuhepoultry.com
http://www.yuhepoultry.com
CCG Investor Relations
Mr. Athan Dounis, Account Manager
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com