TIANJIN, China, June 25 /PRNewswire-Asia/ -- Yayi International Incorporation (OTC Bulletin Board: YYIN), ("Yayi International" or "the Company"), a leading producer and distributor of premium goat milk formula products for infants, toddlers, and adults throughout the People's Republic of China ('PRC'), today announced that it has successfully closed a private placement transaction with SAIF Partners III L.P. ('SAIF'), pursuant to which the Company has received US$15 million investment from SAIF. The Company plans to use the net proceeds from the private placement for expansion of production capacity and enhancement of sales and marketing efforts.
"We are very pleased to have SAIF take part in our goat milk business in China. We believe that the proceeds from the private placement will accelerate our business expansion across China," commented Ms. Li Liu, Chief Executive Officer of Yayi International. "As the leading goat milk products producer and distributor in China, we remain dedicated to maximizing value to our shareholders in the investment community."
"We are very excited to begin our partnership with Yayi International," stated, Kenneth Lee, Senior Vice President of SAIF. "We believe the Company has been a tremendous pioneer in the goat milk segment of the dairy industry in China and we are confident of the Company's ability to build on its current success to continue growing its business into the future."
SAIF is one of the largest and most successful growth venture capital funds focused on China with $2.2 billion under management. SAIF has invested in over 100 private and public companies in Asia, primarily in China, including Perfect World, Shanda, China Digital TV, Eternal Asia, ATA Testing and SIFY Technologies. SAIF was recognized as the 2007 China venture capital fund of the year by Zero2IPO Research Center, a leading China venture capital and private equity research institute, and as the 2005 and 2006 Asia venture capital firm of the year by Private Equity International, a leading global private equity publication.
The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be sold by the investor in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements. The Company has agreed to file a registration statement covering the re-sale of the securities by the investor.
For more detailed information on the financing referred to in this release, see the Company's Current Report on Form 8-K which filed with the Securities and Exchange Commission on June 19, 2009.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Yayi International
Yayi International, through its subsidiaries of Tianjin Yayi Industrial Co., Limited, Weinan Milkgoat Production Co., Ltd. and Fuping Milkgoat Dairy Co., Ltd., is the first mover and the leading producer and distributor of premium goat milk formula products for infants, toddlers and adults, goat milk tablets, and goat milk drinks throughout the People's Republic of China. Its current formula product lines are targeted at the premium market segment and health-conscious consumers. The Company's distribution network comprises of approximately 3,600 retail points including infant-maternity store chains, supermarkets, and drug stores as well as catalogue sales across China.
This press release contains certain statements that may include 'forward-looking statements'. All statements other than statements of historical fact included herein are 'forward-looking statements'. These forward looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or 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.
