LJ International Raises $3.55 Million in Private Placement
September 07 2004 - 8:30AM
PR Newswire (US)
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/
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