NEW YORK, March 23, 2011 /PRNewswire-Asia-FirstCall/ --
Zhongpin Inc. (Nasdaq: HOGS, "Zhongpin"), a leading meat and food
processing company in the People's
Republic of China, today announced the closing on
March 22, 2011 of its follow-on
underwritten registered public offering (the "Offering") of
5,000,000 shares of common stock at a price of $14.10 per share.
The total gross proceeds of the Offering to Zhongpin were
$70,500,000. The aggregate net
proceeds received by the Company totaled
approximately $66,420,000 after deducting underwriting
discounts and commissions and the offering expenses paid by the
Company.
Zhongpin intends to use the net proceeds from the Offering for
the construction of new processing and cold chain logistics
facilities and for general corporate purposes.
Credit Suisse Securities (USA)
LLC acted as the sole bookrunner for the Offering and Cowen and
Company, LLC, Oppenheimer & Co. Inc., and Maxim Group LLC acted
as co-managers.
Zhongpin conducted the Offering pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission (the "SEC"). Copies of the final prospectus
supplement and the accompanying prospectus can be obtained on the
SEC's website, www.sec.gov, and by contacting Credit Suisse
Securities (USA) LLC at One
Madison Avenue, New York, N.Y.
10010, Attention: Credit Suisse Prospectus Department, telephone +1
800 221 1037.
This news 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. The Offering may only be
made by means of a prospectus supplement and related base
prospectus.
About Zhongpin
Zhongpin Inc. is a meat and food processing company that
specializes in pork and pork products, vegetables, and fruits in
China. Its distribution network in
the China covers 20 provinces plus
Beijing, Shanghai, Tianjin, and Chongqing and includes more than 3,300 retail
outlets. Zhongpin's export markets include the Europe, Hong
Kong, and certain countries in Asia.
Safe harbor statement
Certain statements in this news release are forward-looking
statements made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Zhongpin has based its
forward-looking statements largely on its current expectations and
projections about future events and trends that it believes may
affect its business strategy, results of operations, financial
condition, and financing needs. These forward-looking statements
can be recognized by the use of words such as "anticipates,"
"estimates," "expects," "intends," "plans," "projects," "will," or
words of similar meaning. These forward-looking statements are not
guarantees of future performance and are based on a number of
assumptions about the Company's operations, and are subject to
risks, uncertainties, and other factors beyond the Company's
control.
These projections involve risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements, which may include but are not limited
to such factors as downturns in the Chinese economy, unanticipated
changes in product demand, interruptions in the supply of live pigs
and or raw pork, the effects of weather on hog feed production,
poor performance of the retail distribution network, delivery
delays, freezer facility malfunctions, Zhongpin's ability to build
and commence new production facilities according to intended
timelines, the ability to prepare Zhongpin for growth, the ability
to predict Zhongpin's future financial performance and financing
ability, changes in regulations, and other information detailed in
Zhongpin's filings with the United States Securities and Exchange
Commission. These filings are available from www.sec.gov.
You are urged to consider these factors carefully in evaluating
Zhongpin's forward-looking statements, whether written or oral, and
whether made by or on behalf of Zhongpin, and are cautioned not to
place undue reliance on those forward-looking statements, which are
expressly qualified in their entirety by this cautionary statement.
All information provided in this news release is as of the date of
this release. Zhongpin does not undertake any obligation to update
any forward-looking statement as a result of new information,
future events, or otherwise, except as required by law.
For more information, please
contact:
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Zhongpin Inc.
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Mr. Sterling Song (English and
Chinese)
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Investor Relations
Manager
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Telephone +86 10 8286 1788
extension 101 in Beijing
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ir@zhongpin.com
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Mr. Warren (Feng) Wang (English
and Chinese)
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Chief Financial
Officer
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Telephone +86 10 8286 1788
extension 104 in Beijing
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warren.wang@zhongpin.com
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Christensen
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Mr. Han Fang (English and
Chinese)
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Mobile +86 134 6631 2957 in
Beijing
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fhan@christensenir.com
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Mr. Tom Myers
(English)
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Mobile +86 139 1141 3520 in
Beijing
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tmyers@christensenir.com
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Ms. Kathy Li (English and
Chinese)
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Telephone +1 212 618
1978
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kli@christensenir.com
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SOURCE Zhongpin Inc.