Nutrastar International, Inc. Completes US $5.65 Million Private Placement Financing
HARBIN, China, July 13 /PRNewswire-Asia/ -- Nutrastar International, Inc. (OTC Bulletin Board: NUIN; "Nutrastar" or the "Company"), a leading nutraceutical company in China which produces and distributes Chinese Golden Grass ("Cordyceps Militaris"), today announced that it had successfully raised approximately $5.65 million by June 28, 2010. Proceeds of the capital raised will be used for working capital purposes.
On June 7 and June 28, 2010, the Company consummated two closings of a private placement transaction and issued in aggregate approximately 197,700 units to certain investors at a purchase price of $28.56 per unit for gross proceeds of approximately $5.65 million. Each unit consists of one share of a newly designated series A preferred stock with an initial one-to-ten conversion ratio into shares of the Company's common stock and a warrant to purchase five shares of common stock at an exercise price of $3.40 per share. Gilford Securities Incorporated served as the placement agent of this financing.
The securities issued in the private placement have not been registered under the United States Securities Act of 1933, as amended. For more detailed information on this financing, see the Company's Current Reports on Form 8-K which were filed with the Securities and Exchange Commission on June 3, June 11 and July 1, 2010.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Nutrastar International, Inc.
Nutrastar is a China based nutraceutical company which produces and distributes Chinese Golden Grass, organic and specialty food products in China. The Company's primary product is dry engineered Chinese Golden Grass, which is one of the most highly regarded herbal nutrients in Chinese culture. The Company believes it is the largest manufacturer of engineered Chinese Golden Grass in China, ranked by volume, according to China Market Monitoring Center (CMMC), accounting for 19% market share in China. The Company is headquartered in Harbin, capital of Heilongjiang province, with 302 employees, 21 in R&D, and 132 in sales and marketing. The products of Nutrastar are sold throughout China via a distribution network that covers more than 10 provinces. More information may be found at http://www.nutrastarintl.com or e-mail: [email protected] .
Safe Harbor Statement
This news release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, the Company does not assume a duty to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
Howard Gostfrand
American Capital Ventures
Tel: +1-305-918-7000
Email: [email protected]
SOURCE Nutrastar International, Inc.
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