updated 11/9/2010 4:45:35 AM ET 2010-11-09T09:45:35

NEW YORK, Nov. 8, 2010 (GLOBE NEWSWIRE) -- SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech"), a fast-growing provider of enhanced oil recovery services in China, today announced the closing of its initial public offering of 19,736,842 American Depositary Shares ("ADSs"), each representing two ordinary shares of SinoTech, at the public offering price of $8.50 per ADS.  

UBS AG acted as the sole global coordinator and book runner for the offering. Citigroup Global Markets Inc. and Lazard Capital Markets LLC acted as co-managers for the offering.

SinoTech's registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

A copy of the prospectus relating to the offering may be obtained by contacting UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, United States of America; phone: +1-888-827-7275.  

About SinoTech Energy Limited

SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech") is a fast-growing provider of enhanced oil recovery, or EOR, services in China. SinoTech provides innovative EOR services to major oil companies in China using leading edge technologies, including certain patented lateral hydraulic drilling, or LHD, technologies, which the company has an exclusive right to use in China, and a molecular deposition film, or MDF, technology, for which the company holds a PRC patent. SinoTech also provides technical services to coalbed methane, or CBM, customers using the LHD technology.

For more information, please visit http://ir.sinotechenergy.com /.  

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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