Zhongpin (NASDAQ:HOGS)

NEW YORK, March 23, 2011 /PRNewswire-Asia/ -- Zhongpin Inc., a leading meat and food processing company in the People's Republic of China, today announced the closing on March 22, 2011 of its follow-on underwritten registered public offering of 5,000,000 shares of common stock at a price of $14.10 per share.

The total gross proceeds of the Offering to Zhongpin were $70,500,000. The aggregate net proceeds received by the Company totaled approximately $66,420,000 after deducting underwriting discounts and commissions and the offering expenses paid by the Company.

Zhongpin intends to use the net proceeds from the Offering for the construction of new processing and cold chain logistics facilities and for general corporate purposes.

NEW YORK and BEIJING, China, March 7, 2011 /PRNewswire-Asia-FirstCall/ -- Zhongpin Inc, today announced that it has begun a follow-on common stock offering.  Zhongpin will offer 5 million shares of common stock and non management stockholders will offer 530,000 shares of common stock, with an over-allotment option of up to 15 percent of the offering size.  

Contradicts verbaige in the just released  2010 10K

We believe our existing cash and cash equivalents, together with our ability to secure bank borrowings, will be sufficient to finance our investment in new facilities, with budgeted capital expenditures of approximately $142.8 million over the next 12 months, and to satisfy our working capital needs. We intend to satisfy our short-term debt obligations that mature over the next 12 months through additional short-term bank loans, in most cases by rolling the maturing loans into new short-term loans with the same lenders as we have done in the past.

We may sell any combination of these securities in one or more offerings, up to an aggregate offering price of $250,000,000 on terms to be determined at the time of offering. In addition, from time to time, the selling stockholders identified in this prospectus under the heading “Selling Stockholders,” may sell up to an aggregate of 9,562,505 shares of our common stock held by them. We will not receive any proceeds from the sale of our common stock by the selling stockholders.

Unless otherwise specified in the applicable prospectus supplement, we intend to use the net proceeds from the sale of our securities offered by this prospectus for general corporate purposes, including, without limitation, the construction of new processing and cold chain logistics facilities as well as repayment of bank loans and working capital needs. Pending the application of the net proceeds, we expect to invest the proceeds in investment grade, interest bearing securities.