Attached files
EXHIBIT
99.1
SinoHub
Completes Private Offering, Raising $4.1 Million to Fund Expanding Growth
Opportunities
SANTA CLARA and SHENZHEN, China, Feb.
24 /PRNewswire-Asia/ -- SinoHub, Inc. (NYSE Amex: SIHI) today announced that it
has entered into a Securities Purchase Agreement for the sale of 1,366,667
shares of Common Stock at a purchase price of $3.00 per share. For each share
purchased, investors will also receive a warrant to purchase 0.5 shares of
Common Stock at an exercise price of $3.25 per share. SinoHub anticipates
issuing warrants to purchase an aggregate of 683,336 shares of Common Stock
pursuant to the Securities Purchase Agreement. As required by the Securities
Purchase Agreement, at the closing of the stock and warrant sale, SinoHub will
enter into a Registration Rights Agreement pursuant to which it will be required
to register such shares and the shares underlying the warrants.
Canaccord
Adams Inc. is serving as placement agent for the offering.
The
consummation of the stock and warrant sale transactions contemplated by the
Securities Purchase Agreement are subject to a number of conditions, including
the shares having been approved for listing on the NYSE Amex (subject to
official notice of issuance).
This
press release does not constitute an offer of any securities for sale. The
securities to be sold pursuant to the Securities Purchase Agreement have not
been registered under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
Copies of
the documents relating to these transactions, together with a more detailed
explanation of the agreements and the terms of the transactions, are being filed
by SinoHub with the Securities and Exchange Commission under cover of a Current
Report on Form 8-K with date of earliest event reported of February 24,
2010.
About
SinoHub
SinoHub,
Inc., founded in 2000 by veteran entrepreneur Harry Cochran and electronic
component industry veteran Lei Xia to play a part in the electronics revolution
in China, provides world-class supply chain management services with transparent
information access for participants in the electronic components supply chain in
China. SinoHub conducts substantially all of its operations through its
wholly-owned subsidiary SinoHub Electronics Shenzhen Limited in the People's
Republic of China and its wholly-owned B2B Chips subsidiary, which offers
virtual contract manufacturing and currently focuses on the mobile phone market.
For more information, visit the company's Web site at http://www.sinohub.com
and the B2B Chips Web site at http://www.b2bchips.com
.
Cautionary
Statement Regarding Forward-looking Information
The
statements contained in this press release that are not historical facts are
forward-looking statements under the federal securities laws. Such statements
include, but are not limited to, the company's expectation of taking better
advantage of their opportunity. Forward-looking statements are not guarantees of
future performance and involve certain risks, uncertainties and assumptions that
are difficult to predict. Actual outcomes and results may differ materially from
what is expressed in, or implied by, such forward- looking statements. SinoHub
undertakes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
For more information, please contact:
Falicia Cheng
Phone: +86-755-2661-1080
Cell: +86-135-9017-2001
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