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China TransInfo Technology Secures $15 Million Private Placement with
SAIF
(Wireless News Via Acquire Media NewsEdge)
China TransInfo Technology, a provider of public transportation
information systems technology and comprehensive solutions in the
People's Republic of China (PRC), announced that it has successfully
closed a private placement transaction with SAIF Partners III L.P.
(SAIF), pursuant to which the Company issued and sold to SAIF about
2.59 million shares of the Company's common stock at a purchase price
of $5.80 per share, for an aggregate purchase price of $15 million.
The Company said it plans to use the net proceeds from the private
placement for general working capital purposes, expansion of current
business areas and possible acquisition opportunities.
"We are very pleased to have SAIF take part in the rapid development of
China TransInfo. We believe that the proceeds from the private
placement will provide us with sufficient capital to expand our taxi
media business across China and realize potential strategic
acquisitions," said Shudong Xia, Chief Executive Officer of China
TransInfo. "As a leading traffic information processor, traffic volume
surveyor, and real-time traffic information provider in China, we
remain dedicated to maximizing value to shareholders and the investment
community."
"We are very excited to begin our partnership with China TransInfo,"
said Brandon Ho-Ping Lin, Partner of SAIF. "We believe that China
TransInfo is one of the most dynamic companies in China's
transportation information industry and we are confident in the
Company's ability to build on its current success to continue expanding
into the future."
SAIF is a 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 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
global private equity publication.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
((Distributed on behalf of 10Meters via M2 Communications Ltd -
http://www.m2.com))
((10Meters - http://www.10meters.com))
Copyright ? 2008 Wireless News
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