Baoding, Hebei, China, 31 March 2010 -- /PRNewswire-Asia/ -- Orient Paper, Inc. (NYSE Amex: ONP), a leading manufacturer and distributor of diversified paper products in Hebei, China, which controls and operates Hebei Baoding Orient Paper Milling Co., Ltd. (HBOP) and its wholly-owned subsidiary Baoding Shengde Paper Co., Ltd., today announced that it has priced its public offering of 3,000,000 shares of common stock.
Orient Paper, Inc. has granted the underwriter a 45-day option to purchase up to an additional 450,000 shares of common stock. The shares were offered to the public at USD 8.25 per share. The offering is expected to settle and close on 06 April 2010, subject to customary closing conditions. Net proceeds from the offering are expected to be used for general corporate purposes, including expanding the company's products, and for general working capital purposes. The company also may use a portion of the net proceeds to acquire or invest in businesses and products that are complementary to its own. At present, the company has no plans, commitments, or agreements with respect to any acquisitions.
Roth Capital Partners acted as the sole manager for the offering. The shares in this offering are being issued under a shelf registration statement declared effective by the Securities and Exchange Commission on 16 February 2010. The offering will be made solely by means of prospectus and accompanying prospectus supplement, copies of which may be obtained from Roth Capital Partners, LLC at 24 Corporate Plaza Drive, Newport Beach, CA 92660. An electronic copy of such prospectus also is available on the Web site of the Securities and Exchange Commission (the SEC) at http://www.sec.gov.
Orient Paper, Inc., through its wholly owned subsidiaries, Shengde Holdings, Inc., controls and operates Baoding Shengde Paper Co., Ltd., and Hebei Baoding Orient Paper Milling Co., Ltd. Founded in 1996, HBOP is engaged in the production and distribution of products such as corrugating medium paper, offset printing paper, writing paper, and other paper and packaging- related products in China. The Company uses recycled paper as its primary raw material. Baoding Shengde, founded in June 2009 located in Baoding, is engaged in the production and distribution of digital photo paper. As one of the largest paper producers in Hebei Province, China, HBOP is strategically located in Baoding, a city in close to Beijing, where the majority of publishing houses are based. Orient Paper is led by an experienced management team committed to diversifying the company's product offering and delivering tailored services to its customers. For more information, visit http://www.orientalpapercorporation.com.