China Power Equipment, Inc. have completed a $5 million equity offering in a private placement to accredited investors. The investors had purchased 4,166,667 shares of Series B convertible preferred stock and warrants to purchase a total of 1,000,000 shares of China Power's common stock for $2.40 per share. Each Series B Preferred Stock share can be converted into one share of China Power's common stock. China Power will use the net proceeds for their Chinese operating subsidiary to expand its production by completing the current plant under construction.
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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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