Cleantech Solutions Raises $0.6 Million in Net Proceeds from the Sale of
WUXI, Jiangsu, China, July 11, 2013
WUXI, Jiangsu, China, July 11, 2013 /PRNewswire-FirstCall/ -- Cleantech
Solutions International, Inc. ("Cleantech Solutions" or "the Company")
(NASDAQ: CLNT), a manufacturer of metal components and assemblies, primarily
used in the wind power, solar and other clean technology industries and dyeing
and finishing equipment to the textile industry, today announced that the
Company entered into a stock purchase agreement on July 10, 2013 pursuant to
which the Company sold a total of 150,508 shares of common stock at a purchase
price of $4.70 per share. The shares were sold pursuant to a prospectus
supplement dated July 10, 2013 to the Company's registration statement on Form
S-3. The Company did not engage a placement agent with respect to the sale.
The Company paid a fee of 10% and a non-accountable expense allowance of 2%,
for a total of $84,892, to Fernando Liu with respect to the sale made to an
investor introduced to the Company by Mr. Liu who is not a U.S. Person. The
net proceeds received by the Company from the sale of the shares were
approximately $620,000. The Company will use the proceeds for working capital
and other general corporate purposes. The Company does not anticipate raising
equity capital for the balance of 2013.
About Cleantech SolutionsInternational
Cleantech Solutions is a manufacturer of metal components and assemblies,
primarily used in clean technology industries. The Company supplies forging
products, fabricated products and machining services to a range of clean
technology customers and supplies dyeing and finishing equipment to the
textile industry. Cleantech Solutions is committed to achieving long-term
growth through ongoing technological improvement, capacity expansion, and the
development of a strong customer base. The Company's website is
www.cleantechsolutionsinternational.com. Any information on the Company's
website or any other website is not a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the
business of the Company and its subsidiary and affiliated companies. These
forward looking statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions. Such forward
looking statements involve known and unknown risks and uncertainties that may
cause actual results to be materially different from those described herein
and in the conference call referred to in this press release as anticipated,
believed, estimated or expected. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date of this
press release. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including the failure of the Company to generate the anticipated
orders, the availability of credit to the Company's customers and potential
customers as well as those risks and conditions discussed in the Company's
periodic reports that are filed with the Securities and Exchange Commission
and available on its website, including factors described in "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition and Results
of Operations" in our Form 10-K for the year ended December 31, 2012 and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in our Form 10-Q for the quarter ended March 31, 2013. All
forward-looking statements attributable to the Company or to persons acting on
its behalf are expressly qualified in their entirety by these factors other
than as required under the securities laws. The Company does not assume a duty
to update these forward-looking statements.
Cleantech Solutions International, Inc.
Adam Wasserman, CFO
SOURCE Cleantech Solutions International, Inc.
Press spacebar to pause and continue. Press esc to stop.