WUXI, China, June 4, 2014
/PRNewswire-FirstCall/ -- Cleantech Solutions International, Inc.
("Cleantech Solutions" or "the Company") (CLNT), a manufacturer of
metal components and assemblies used in various clean technology
and manufacturing industries and textile dyeing and finishing
machines, today announced that on May 2,
2014, Cleantech Solutions' Chairman and CEO Mr. Jianhua Wu, on his behalf and on behalf of his
wife, Lihua Tang, advanced
RMB10,000,000 (approximately
$1,623,693) to the Company for the
purpose of providing funding for expansion of the Company's dyeing
machine business. On June 2,
2014, the Company entered into a stock purchase agreement
with Mr. Wu and Ms. Tang, pursuant to which the Company sold a
total of 290,984 shares to Mr. Wu and Ms. Tang for $5.58 per share, which represents the highest
closing price of the Company's stock during the period from the
date of Mr. Wu's advance and June 2,
2014, when the stock purchase was approved by the
independent members of the Company's Board of Directors. The total
purchase price, which was paid in RMB, was equivalent to
$1,623,693.
"This investment in Cleantech Solutions reflects my commitment
to the Company and enthusiasm for its future. We believe that
the Chinese government's announced aggressive stance on pollution
control is encouraging textile manufacturers to upgrade their
equipment to more environmentally friendly models. We continue
to see strong order flow for our low emission airflow dyeing
machines and are expanding capacity to meet the anticipated
demand."
The Company did not engage a placement agent or a finder with
respect to this transaction. The shares are restricted
securities.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and
assemblies, primarily used in clean technology and other
industries. The Company supplies forging products, fabricated
products and machining services to a range of clean technology
customers and supplies dyeing and finishing equipment to the
textile industry. The Company's website is
www.cleantechsolutionsinternational.com. Any information on the
Company's website or any other website is not a part of this press
release.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2013 and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our Form 10-Q for the
quarter ended March 31, 2014.
All forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
Company Contact:
Cleantech Solutions International, Inc.
Adam Wasserman, CFO
E-mail: adamw@cleantechsolutionsinternational.com
Web: www.cleantechsolutionsinternational.com
Elaine Ketchmere, CFA
Compass Investor Relations
Phone: +1-310-528-3031
E-mail: eketchmere@compass-ir.com
SOURCE Cleantech Solutions International, Inc.