NEW YORK, Nov. 4, 2010 (GLOBE NEWSWIRE) -- SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech"), a fast-growing provider of enhanced oil recovery services in China, yesterday announced that its initial public offering of 19,736,842 American Depositary Shares ("ADSs"), each representing two ordinary shares of SinoTech, was priced at $8.50 per ADS. The ADSs began trading on the NASDAQ Global Select Market on November 3, 2010, under the symbol "CTE".
15,789,474 ADSs are being offered by SinoTech and an aggregate of 3,947,368 ADSs are being offered by selling shareholders. The underwriters have been granted a 30-day option to purchase from SinoTech and the selling shareholders up to an aggregate of 2,960,526 additional ADSs, including 888,158 ADSs from SinoTech and 2,072,368 ADSs from the selling shareholders, to cover over-allotments.
UBS AG is acting as the sole global coordinator and book runner for the offering. Citigroup Global Markets Inc. and Lazard Capital Markets LLC are acting 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.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. 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) 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, which include 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.
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CONTACT: SinoTech Energy Limited Beijing Investor and Media inquiries: Ms. Yanhui Guo + 86-10-8712-5555 firstname.lastname@example.org