HUIZHOU, Guangdong, China, April 27 /PRNewswire-Asia/ -- NIVS IntelliMedia Technology Group, Inc., (NYSE Amex: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, announced today that the underwriters of its public offering exercised their over-allotment option to purchase an additional 82,500 common shares. The option was granted in connection with the company's public offering of 550,000 common shares, which priced on March 13, 2009, at an offering price of $3.50 per share. The gross proceeds from the offering, including exercise of the over-allotment option, total approximately $2.21 million.
NIVS intends to use the net proceeds from this offering for working capital and general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is made only by the prospectus relating to this offering. A copy of the final prospectus may be obtained from WestPark Capital, Inc., 1900 Avenue of the Stars, Suite 310, Los Angeles, CA 90067, by phone at (310) 843-9300, facsimile (310) 843-9304, or email jstern@wpcapital.com.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group is engaged in the design, manufacture, marketing and sale of audio and video consumer products. NIVS' products include digital audio systems, televisions, digital video broadcasting set-top boxes, DVD players, as well as peripheral and accessory products such as remote controls, headphone sets and portable entertainment devices (MP3/MP4 players). NIVS has invested substantial resources in the research and development of its intelligent audio and video consumer products, most of which utilize its Chinese speech interactive technology to permit users to control NIVS' products through the user's spoken commands. NIVS' products are distributed worldwide, including markets in Europe, Southeast Asia and North America.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including, but not limited to the Company's reliance on its major customers for a large portion of its net sales; the Company's ability to develop and market new products; the Company's ability to continue to borrow and raise additional capital to fund its operations; the Company's ability to collect aging trade receivables and the effect of a growing doubtful account allowance; the Company's ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; the market acceptance of the Company's products; exposure to product liability and defect claims; fluctuations in the availability of raw materials and components needed for the Company's products; protection of the Company's intellectual property rights; changes in the laws of the PRC that affect the Company's operations; development of a public trading market for the Company's securities; and the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on the Company's operations. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the discussed above and in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
NIVS IntelliMedia Technology Group
Jason Wong
Vice President Investor Relations
Tel: +86-138-2991-6919
Email: jason@nivsgroup.com
Investors:
Ashleigh Barreto/ Amy Glynn
The Ruth Group
Tel: +1-646-536-7028 / 7023
Email: abarreto@theruthgroup.com
aglynn@theruthgroup.com