Andatee China Marine Fuel Services Corporation Announces Exercise of Over-Allotment Option; Total Gross Proceeds from IPO Exceed $22.7 Million

DALIAN, China, March 3 /PRNewswire-Asia/ -- Andatee China Marine Fuel Services Corporation (Nasdaq: AMCF), the leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China, today announced that the underwriters of its recent public offering of common stock have exercised their over-allotment option, which will result in the issuance of an additional 470,238 ordinary shares. The option was granted in connection with the public offering of 3,134,921 common shares at a public offering price of $6.30 per share, which closed on January 29, 2010. The closing of the over-allotment option exercised in full in the amount of 470,238 shares of common stock is scheduled for Wednesday, March 3, 2010 and, when completed, will bring the total gross proceeds of the initial public offering to over $22.7 million. Andatee intends to use the net proceeds from this offering for capital improvement, sales and marketing, research and development, funding possible future acquisitions as well as for general working capital purposes.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as lead managing underwriter and Newbridge Securities Corporation acted as co-lead managing underwriter for the offering.

The offering of these securities will be made only by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the final prospectus relating to the offering may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov . Alternatively, a copy of the prospectus related to this offering may be obtained from Rodman & Renshaw, LLC, Prospectus Department, 1251 Avenue of the Americas, New York, NY, 10020, telephone: 212-430-1710 or email: [email protected].

About Andatee China Marine Fuel Services Corporation

Andatee China Marine Fuel Services Corporation ("Andatee" or the "Company") is a leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China. Andatee is headquartered in the City of Dalian, a key international shipping hub and an international logistics center in Northern China and maintains operations in Liaoning, Shandong and Zhejiang Provinces in the People's Republic of China.

Forward-looking Statements

Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule under the Private Securities Litigation Reform Act of 1995. All forward-looking statements included herein are based upon information available to the Company as of the date hereof and, except as is expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. As a result, investors should not place undue reliance on these forward-looking statements. To the extent that any statements made here are not historical, these statements are essentially forward-looking. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "may," "anticipates," "believes," "should," "intends," "estimates" and other words of similar meaning. The Company may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by these forward-looking statements. Such risk factors include, without limitation, our ability to properly execute our business model, to attract and retain management and operational personnel, potential volatility in future earnings, fluctuations in the Company's operating results, PRC governmental decisions and regulation, and existing and future competition that the Company is facing. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission under the caption "Risk Factors" in such filings.

    For more information, please contact:

    Company Contact:
     Mr. Wen Tong
     Chief Financial Officer
     Andatee China Marine Fuel Services Corporation
     Tel:     +86-411-8360-4683
     Email:   [email protected]
     Website: http://www.andatee.com

    Investor Relations Contact:
     Mr. Crocker Coulson
     President
     CCG Investor Relations
     Tel:     +1-646-213-1915 (NY Office)
     Email:   [email protected]
     Website: http://www.ccgirasia.com

SOURCE Andatee China Marine Fuel Services Corporation

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