Attached files
file | filename |
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8-K - Shiner International, Inc. | v206801_8k.htm |
EX-10.11 - Shiner International, Inc. | v206801_ex10-11.htm |
EX-10.13 - Shiner International, Inc. | v206801_ex10-13.htm |
EX-10.12 - Shiner International, Inc. | v206801_ex10-12.htm |
EX-10.14 - Shiner International, Inc. | v206801_ex10-14.htm |
Exhibit
99.1
Shiner
International Announces Completion of Equity Financing
Part
of Proceeds to Be Used for Strategic, Accretive Acquisitions
HAIKOU, China, December 29,
2010 — Shiner International, Inc. (Nasdaq: BEST) (“Shiner” or the “Company”), an
emerging global supplier of advanced packaging products, today announced the
completion of a $3.13 million private placement equity financing. Under the
terms of the transaction, a total of 2,608,334 shares of common stock, as well
as warrants priced 25% above the current market price. Further details of the
financing will be available in a current report on Form 8-K that the Company
expects to file with the SEC shortly.
The
proceeds of the private placement are expected to be used to effectuate
strategic acquisitions, as well as for general corporate and working capital
purposes. Investment bank Roth Capital Partners LLC provided financial advisory
services to Shiner in conjunction with the financing.
Qingtao
Xing, the Chief Executive Officer of Shiner, commented: “We are pleased to
receive this vote of confidence from new investors and current investors, many
of whom have demonstrated strong support for our Company throughout the years.
We believe that the improving financial results that we have delivered over the
past few quarters are justification of their support and confirmation of the
market's growing demand for our packaging solutions. The financing is intended
to help us maintain a greater amount of working capital and allow us to further
our strategic growth initiative of seeking out acquisitions that enhance
Shiner’s leadership position in the food safety packaging industry. We are
looking for acquisition opportunities that give us the ability to use or own
advanced technologies, to control key raw materials, or to access large
customers.”
About
Shiner International, Inc.
Shiner
International, Inc. is engaged in the research and development, manufacture and
sale of flexible packaging material. Its products include coated packaging film,
shrink-wrap film, common packaging film, anti-counterfeit laser holographic film
and color-printed packaging materials. The Company's flexible packaging products
are used by manufacturers in the food and consumer products industry to preserve
texture, flavor, hygiene, and convenience and safety of their products. The
Company was founded in 1990 and is headquartered in Haikou, China.
Approximately
69% percent of Shiner's current customers are located in China, with the
remainder spanning Southeast Asia, Europe, the Middle East and North America.
Shiner holds 16 patents on products and production equipment, and has an
additional 10 patent applications pending. The Company's flexible packaging
meets U.S. FDA requirements, as well as the requirements for food packaging sold
in the EU. Shiner's product manufacturing process is certified under ISO
9001:2000. Additional information on Shiner is available at www.shinerinc.com.
Safe
Harbor Statement
All
statements in this press release that are not historical are forward-looking
statements made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on any forward-looking statements in this press release as they reflect
Shiner International, Inc.'s current expectations with respect to future events
and are subject to risks and uncertainties that may cause actual results to
differ materially from those contemplated. Potential risks and uncertainties
include, but are not limited to, the risks described in Shiner's filings with
the Securities and Exchange Commission. The information contained in this press
release is made as of the date of the press release, even if subsequently made
available by Shiner on its website or otherwise.
Contact
Us
At
the Company:
Email:
ir@shinerinc.com
Web:
http://www.shinerinc.com
Investor
Relations:
Dave
Gentry, U.S.
RedChip
Companies, Inc.
Tel:
+1-800-733-2447, Ext. 104
Email:
info@redchip.com
Jing
Zhang, China
RedChip
Beijing Representative Office
Tel: +86
10-8591-0635
Web:
http://www.RedChip.com
###
Source:
Shiner International, Inc.