BEIJING and NEW YORK, Oct. 20 /PRNewswire-Asia/ -- Zhongpin Inc. (Nasdaq: HOGS, "Zhongpin"), a leading meat and food processing company in the People's Republic of China, today announced the closing on October 15, 2009 of its previously-announced public offering of 4,000,000 shares of common stock, and the sale of an additional 600,000 shares of common stock at the public offering price of $13.25 per share pursuant to the over-allotment option, which was exercised in full by the underwriters prior to the closing.
The exercise of the over-allotment option brings the total number of shares sold by Zhongpin in this public offering to 4,600,000 shares and the total gross proceeds to $60.95 million. The aggregate net proceeds received by the Company totaled approximately $56 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.
Zhongpin intends to use the net proceeds from the offering to fund expansion plans, to repay short-term indebtedness and for working capital and general corporate purposes.
Piper Jaffray & Co. acted as the sole book-running manager for the offering and Susquehanna Financial Group, LLLP acted as co-manager.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the common stock or any other securities of Zhongpin. No offer, solicitation or sale shall be made in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Zhongpin
Zhongpin Inc. is a meat and food processing company that specializes in pork, pork products, vegetables, and fruits in China. Its distribution network in China covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes more than 3,000 retail outlets. Zhongpin's export markets include the European Union and Southeast Asia. For more information about Zhongpin, please visit Zhongpin's website at http://www.zpfood.com .
For more information, please contact:
Zhongpin Inc.
Mr. Sterling Song (English and Chinese)
Investor Relations Manager
Tel: +86-10-8286-1788 x101 in Beijing
Email: ir@zhongpin.com
Mr. Warren (Feng) Wang (English and Chinese)
Chief Financial Officer
Tel: +86-10-8286-1788 x104 in Beijing
Email: warren.wang@zhongpin.com
Christensen
Mr. Yuanyuan Chen (English and Chinese)
Tel: +86-10-5971-2001 in Beijing
Mobile: +86-139-2337-7882 in Beijing
Email: ychen@christensenir.com
Mr. Tom Myers (English)
Mobile: +86-139-1141-3520 in Beijing
Email: tmyers@christensenir.com
Ms. Kathy Li (English and Chinese)
Tel: +1-212-618-1978 in the US
Email: kli@christensenir
