Attached files
file | filename |
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EX-10.2 - FORM OF LOCK-UP AGREEMENT - SINOHUB, INC. | ex10_2.htm |
8-K - SINOHUB, INC. | f321038k.htm |
EX-10.1 - AMENDMENT TO SECURITIES PURCHASE AGREEMENT - SINOHUB, INC. | ex10_1.htm |
Exhibit
99.1
SinoHub
Completes Private Offering, Raising $4.9 Million to
Fund Expanding Growth Opportunities
Fund Expanding Growth Opportunities
SANTA CLARA and SHENZHEN, China,
March 3, 2010 /PRNewswire-Asia/ -- SinoHub, Inc. (NYSE Amex: SIHI) today
announced that, after the close of the U.S. stock market on March 2, 2010, it
completed the private placement of securities pursuant to a Securities Purchase
Agreement for the sale of 1,633,334 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 issued warrants to purchase an aggregate of 816,670 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 entered into a Registration Rights Agreement pursuant to which it will
be required to register with the United States Securities and Exchange
Commission such shares and the shares underlying the warrants. In the
event that the securities issued pursuant to the Securities Purchase Agreement
are not timely registered, the number of shares issuable upon exercise of the
warrants, at the exercise price of $3.25 per share, is subject to upward
adjustment by twenty percent.
Following
the announcement by SinoHub on February 24, 2010 that SinoHub had entered into
the Securities Purchase Agreement, the Securities Purchase Agreement was amended
to increase the aggregate amount of the securities to be sold thereunder from
approximately $4.1 million to $4.9 million.
Canaccord
Adams Inc. served as placement agent for the offering.
The
securities issued pursuant to the Securities Purchase Agreement have been
approved for listing on the NYSE Amex.
This
press release does not constitute an offer of any securities for
sale. The securities 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 dated March 3, 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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