LJ International, Inc. (MM) (NASDAQ:JADE)
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LJ International Raises $3.55 Million in Private Placement
Funds from Private Placement Will Go Toward Jeweler's Global Expansion
HONG KONG and LOS ANGELES, Sept. 7 /Xinhua-PRNewswire-FirstCall/ -- LJ
International, Inc. (LJI) (NASDAQ:JADE) today announced that it raised gross
proceeds of $3.55 million in a private sale of common shares and warrants to
several institutional investors. JADE sold 1,614,082 shares of common stock at
a price per share of $2.20, and issued to such investors 5-year warrants to
purchase up to an aggregate of 484,221 shares of common stock at an exercise
price of $2.98 per share. Net proceeds to LJI after expenses of the
transaction were approximately $2.85 million, and will be used for growth
capital including expansion in China.
LJI Chairman and CEO Yu Chuan Yih commented, 'With the completion of this
private placement, LJI is ready to execute its strategy of sharply expanding
its sales and marketing efforts, especially in rapidly growing overseas markets
such as China. With the Company largely free of long-term debt, we are able to
use the proceeds from this latest transaction almost entirely for financing
future growth on an already strong financial foundation.'
The private placement was made only to accredited investors in a transaction
exempt from the registration requirements of the Securities Act of 1933, as
amended (the "Securities Act"). The shares of common stock and warrants
issued, and the shares of common stock issuable upon exercise of the warrants,
have not been registered under the Securities Act, or any state securities
laws, and unless so registered, may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell, or the solicitation of
an offer to buy, any securities, nor shall there be any sale of the securities
in any jurisdiction in which such offering would be unlawful.
If you would like to be added to LJI's investor email lists, please contact
Haris Tajyar with Investor Relations International at .
About LJ International
LJ International, Inc. (LJI) is a publicly-owned company, based in Hong Kong
and the U.S., engaged in designing, branding, marketing and distributing a full
range of fine jewelry. It has built its global business, currently one of the
fastest-growing in the jewelry industry, on a vertical integration strategy and
an unwavering commitment to quality and service. LJI distributes to fine
jewelers, department stores, national jewelry chains and electronic and
specialty retailers throughout North America and Western Europe, with a growing
retail presence in China through stores and e-shopping sites. Its product
lines incorporate all major categories sought by major retailers, including
earrings, necklaces, pendants, rings and bracelets. It trades on the NASDAQ
National Market under the symbol JADE.
For more information on LJI, go to its Web site at http://www.ljintl.com/ .
Forward looking statement: Except for the historical information, the matters
discussed in this news release may contain forward-looking statements,
including, but not limited to, factors relating to future sales. These
forward-looking statements may involve a number of risks and uncertainties.
Actual results may vary significantly based on a number of factors, including,
but not limited to, uncertainties in product demand, the impact of competitive
products and pricing, changing economic conditions around the world, release
and sales of new products and other risk factors detailed in the company's most
recent annual report and other filings with the Securities and Exchange
Commission.
AT LJI:
Betty Ho
Vice President, Corporate Development
Tel: +852-2170-0001
Email:
AT INVESTOR RELATIONS INTL:
Haris Tajyar
Managing Partner
Tel: +1-818-382-9702
Email:
DATASOURCE: LJ International, Inc.
CONTACT: Betty Ho, Vice President, Corporate Development of LJI,
+852-2170-0001, or ; or Haris Tajyar, Managing Partner,
+1-818-382-9702, , for LJI
Web Site: http://www.ljintl.com/