Longwei Petroleum Announces Expiration Of Warrants
TAIYUAN CITY, China, Nov. 29, 2012 /PRNewswire-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), announced that today is the expiration date of its October 29, 2009 financing warrants (the "Warrants").
Longwei previously completed a private placement financing, principally with institutional investors, on October 29, 2009. At the time of the financing, the Company issued a total of 14.8 million Warrants exercisable at $2.255 per share. These investors have subsequently exercised approximately 3.6 million Warrants, and a total of 11.2 million Warrants are scheduled to expire today.
"We previously extended the Warrants for 30 days to accommodate for the effects of Hurricane Sandy," said Cai Yongjun, Chairman and Chief Executive Officer of Longwei. "Our thoughts go out to those still affected by the storm."
Longwei was recognized last night at the Forbes Asia "Best Under A Billion" Award Ceremony and Dinner at the Shangri-La Hotel in Singapore. Forbes editors selected Longwei from a universe of 15,000 companies. Forbes ranked the companies based on sales growth, earnings growth and return on equity in the past 12 months and over three years. As was reported, Longwei's three-year track record was 45% sales growth, 28% earnings per share growth and 28% return on equity.The Forbes article, " Asia's 200 Best Under a Billion," by Christina Settimi, July 25, 2012, can be found in the magazine's August 2012 print edition or online at: http://www.forbes.com/sites/christinasettimi/2012/07/25/asias-200-best-under-a-billion. "We are honored to be recognized by Forbes as one of the best companies in Asia. Our inclusion on this prestigious list reflects the hard work of our team," stated Mr. Cai. "We have taken a long-term view to build a strong company and create value for our shareholders." Longwei expects year-over-year revenue growth of approximately 26.6% to $646.3 million, and net income growth of approximately 24.2% to $77.6 million for the fiscal year ending June 30, 2013. This growth rate does not account for any external financing for inventory, which could accelerate growth. The growth is driven primarily by the ramp-up of the Huajie facility and organic growth at the Company's two existing facilities. Longwei recently reported revenues of US $133.4 million and non-GAAP net income of $18.3 million or $0.18 per share, adjusted for the non-cash warrant derivative liability charge, for the first fiscal quarter ended September 30, 2012. The Company's product sales volume increased 17.8% year-over-year to 110,587 metric tons during the quarter. As of September 30, 2012, the Company reported total assets of US $360.0 million and book value per share of $3.47. About Longwei Petroleum Investment Holding Limited
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