TIANJIN, China, Dec. 17, 2010 (GLOBE NEWSWIRE) -- Shengkai Innovations, Inc. (Nasdaq:VALV) ("Shengkai Innovations" or the "Company"), a leading ceramic valve manufacturer in the People's Republic of China (the "PRC"), today announced that the Company has priced a public offering of 1,058,646 shares of common stock at $5.50 per share, resulting in approximately $5.3 million in net proceeds, after deducting the underwriting discount, commissions, and expenses. The transaction is expected to close on or about December 22, 2010, subject to customary closing conditions.
Global Hunter Securities, LLC and Maxim Group LLC are acting as the joint book runners for the offering.
The Company intends to use the net proceeds from the offering for general corporate purposes, including expanding its products, and for general working capital purposes.The common shares will be issued pursuant to the Company's existing shelf registration statement on Form S-3. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering. No sale of these common shares may be made in any jurisdiction in which the offer, solicitation or sale would be unlawful under the securities laws of that jurisdiction. The offering of common shares may be made only by means of a prospectus supplement. Copies of the final prospectus supplement and accompanying base prospectus relating to the offering, when available, may be obtained from the United States Securities and Exchange Commission's website at http://www.sec.gov , or from Global Hunter Securities Attn: Prospectus Delivery Department, 777 Third Avenue, New York, New York 10017, Attention: Henry Costa, or by telephone at (646) 264-5608 or Maxim Group LLC, by mail at 405 Lexington Avenue, 2 nd Floor, New York, NY 10174, Attention: Syndicate Desk or by telephone at (212) 895-3685. About Shengkai Innovations, Inc. Shengkai Innovations is engaged in the design, manufacture and sale of ceramic valves, high-tech ceramic materials and the provision of technical consultation and related services. The Company's industrial valve products are used by companies in the electric power, petrochemical, metallurgy, and environmental protection industries as high-performance, more durable alternatives to traditional metal valves. The Company was founded in 1994 and is headquartered in Tianjin, the PRC.