WUXI, China,
June 21, 2017
/PRNewswire/ -- Cleantech
Solutions International, Inc. ("Cleantech Solutions" or "the
Company") (NASDAQ: CLNT) today announced that on June 14, 2017, the Company entered into a stock
purchase agreement with certain accredited investors pursuant to
which the investors purchased an aggregate of 290,000 shares of the
Company's common stock at a purchase price of $3.00 per share. The gross proceeds of
approximately $870,000 from the
private placement are expected to be used to develop various new
business initiatives and for working capital purposes.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
The securities sold in the private placement have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act") or state securities laws and may not be offered
or sold in the United States
absent registration with the Securities and Exchange Commission
(the "SEC") or an applicable exemption from such registration
requirements. The investors have piggyback registration
rights until 90 calendar days after the shares are salable under
Rule 144 promulgated under the Securities Act in the event that the
Company proposes to file a registration statement under the
Securities Act with respect to an offering of the Company's
securities.
About Cleantech Solutions International
Cleantech Solutions, through its affiliated companies,
designs, manufactures and distributes a line of
proprietary high and low temperature dyeing and finishing machinery
to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and sharing
economy markets in China.
Safe Harbor Statement
This release contains certain "forward-looking
statements" relating to the business of the Company and its
subsidiary and affiliated companies and certain potential
transactions that they may enter into. 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. 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, 2016 and in our Form 10-Q for the
quarter ended March 31, 2017. 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 Contacts:
Compass Investor
Relations
Elaine Ketchmere,
CFA
Email:
eketchmere@compass-ir.com
+1-310-528-3031
Web: www.compassinvestorrelations.com
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SOURCE Cleantech Solutions International, Inc.