China Power Equipment, Inc. has successfully completed a US$5 million equity offering in a private placement to certain accredited investors. 4,166,667 shares of Series B convertible preferred stock were purchased by investors (the "Series B Preferred Stock") in the aggregate and warrant purchasing a total of 1,000,000 shares of China Power's common stock at an exercise price of $2.40 per share, subject to adjustments.
Mr. Yong Xing Song, Chairman of the Board of China Power Equipment, said, "We are very pleased to complete this financing that will help continue our growth and success in the high-growth amorphous alloy core business. Our capacity expansion will enable us to win and deliver larger orders for transformer cores and to generate very attractive positive operating cash flows. The positive cash flows will also help us expand into our new line of amorphous core transformers.”
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About China Power Equipment, Inc.
China Power Equipment, Inc., through its wholly-owned subsidiary, Xi'an Amorphous Zhongxi Co., Ltd., has developed a proprietary patented technology to produce a new generation of energy saving transformers and transformer cores. The company currently manufactures 40 models of transformers in four product series that are sold throughout China. The company was formed in 2006 as a U.S. corporation, and in November 2006, created a Chinese subsidiary that was granted a license as a privately held wholly owned foreign enterprise by the Chinese government.
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