Thelen PIPEs Practice Continues Forward Momentum, Ranks 7th on Privateraise's Latest PIPEs Scorecard for Issuer Counsel in 2007

Oct. 24, 2007

WASHINGTON, Oct. 24 /PRNewswire/ -- Highlighting its growing success in corporate transactions known as "PIPEs" (Private Investments in Public Equity), international law firm Thelen Reid Brown Raysman & Steiner LLP has been ranked among the country's elite PIPEs legal advisors by leading capital markets monitor Privateraise.com.

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Through September, Thelen has served as issuer counsel on 14 PIPE transactions, with a total value of more than $220 million raised, making it the seventh most active issuer counsel for 2007. This is the first year that Thelen has been ranked on the Privateraise PIPEs scorecard.

Much of the firm's private-issue equity work has centered on helping China-based companies tap U.S. capital markets; nine of its PIPEs deals in 2007 have been on behalf of mid-market Chinese companies. Simultaneous with the PIPE transaction-in which public or equity-linked shares are sold to private investors without SEC registration-a Chinese or other foreign-based PIPE issuer may effectuate a so-called "reverse merger" into a public shell company, allowing the issuer's new stock to trade on the over-the-counter markets in the U.S. PIPE transactions are becoming increasingly attractive way for foreign companies to gain access to U.S. financial markets.

With an office in Shanghai and experienced capital markets attorneys in China and the U.S., Thelen represents Chinese companies across a diverse range of industry sectors, including security and surveillance, software, manufacturing, minerals, food products, and fertilizers. The firm's noteworthy PIPEs transactions in 2007 on behalf of China-based clients include:

-- Shenzhen-based China Security & Surveillance Technology, Inc.'s $60 million and $50 million in convertible notes; -- Shandong-based American Lorain Corporation's $19.8 million convertible preferred stock offering; -- Beijing-based China Agritech, Inc.'s $15 million common stock offering; -- Shenzhen-based China Public Security Technology, Inc.'s $14.95 million common stock offering; -- Changshu-based Sutor Technology Group Limited's $12 million common stock offering; -- Shenzhen-based China Ritar Power Corp.'s $12.25 million common stock offering; -- Henan-based China GengSheng Minerals, Inc.'s $10 million common stock offering; and -- Beijing-based China TransInfo Technology Corp.'s $10 million common stock offering.

"PIPEs transactions offer tremendous opportunities for expanding Chinese businesses to tap the U.S. financial marketplace," said Thelen partner Louis A. Bevilacqua, who has helped direct a number of the firm's PIPE deals.

"Despite a burgeoning domestic market, many Chinese companies are having difficulty obtaining investment capital because of the regulations and customs of Asian stock exchanges," Mr. Bevilacqua added. "We have a strong securities practice that combines all aspects of public offerings and private placements, and an outstanding team of attorneys in Shanghai , Washington, San Francisco , and New York working together to facilitate cross-border transactions for our Chinese clients. As PIPEs and reverse mergers continue to gain popularity in China and other emerging markets, we expect to play a leading role in facilitating these deals for our clients."

Mr. Bevilacqua noted some of the Thelen attorneys active in its China PIPEs work, including Thomas M. Shoesmith, managing partner of the firm's Shanghai office; Washington partner Joseph R. Tiano; senior counsel Scott C. Kline in San Francisco ; New York partners Eulalia M. Mack and David Warburg ; and Washington corporate associates Jing Zhang, Qixiang Sun, Shawn McBride, and Dawn Bernd-Schulz.

About Thelen

Thelen is an international law firm with approximately 600 attorneys and is widely known for its premier practices in the areas of Construction; Corporate/Finance; Real Estate and Structured Finance; Technology, Media, and Communications; Energy; and Complex Litigation. Other premier practice areas of the firm include Labor and Employment, Intellectual Property, Bankruptcy, Domestic and International Tax, and Employee Benefits. For more information, visit http://www.thelen.com.

SOURCE Thelen Reid Brown Raysman & Steiner LLP

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