QKL Stores Inc. (Nasdaq: QKLS) States Closing of Public Offer of Six Million Shares of Common Stock

QKL Stores Inc. (Nasdaq: QKLS), a leading regional supermarket chain in Northeast China, recently confirmed the closing of its previously announced public offering of 6,000,000 shares of common stock at a purchase price of $5.75 per share. Roth Capital Partners, LLC acted as the sole book runner for the offering.

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The net proceeds, after deducting underwriting discounts and commissions are approximately $32.5 million. Proceeds from the transaction will be used to open three stores and one distribution center during the remainder of 2009, additional stores and distribution centers in 2010, and to update the Company's information systems. The Company may also use the proceeds for working capital and general corporate purposes. QKL Stores has granted Roth Capital Partners, LLC a 30-day option to purchase up to an additional 900,000 shares to cover over-allotments at the public offering price. Based in Daqing, China, QKL Stores Inc. is a leading regional supermarket chain company operating in Northeast China. The Company sells a broad selection of merchandise, including groceries, fresh food, and non-food items, through its retail supermarkets, convenience stores, and department stores; the company also has its own distribution centers that service its supermarkets.