SOURCE: HQ Sustainable Maritime Industries, Inc.

December 28, 2007 09:00 ET

HQ Sustainable Maritime Closes Underwriter's Over-Allotment of Common Stock

SEATTLE, WA--(Marketwire - December 28, 2007) - HQ Sustainable Maritime Industries, Inc. (AMEX: HQS) ("HQ" or the "Company"), a leader in toxin-free integrated aquaculture and aquatic product processing, today announced the closing of its underwriters' over-allotment option to purchase 450,000 shares of common stock. All shares were sold at the offering price of $7.80 per share, before underwriting discounts and commissions. Net proceeds to the company were approximately $3.2 million.

Roth Capital Partners and Ladenburg Thalmann & Co. Inc. acted as the joint book running managers for the offering. The Company announced last week the closing of its follow-on offering which raised approximately $21.1 million net proceeds for a total now of approximately $24.3 million. The Company intends to use approximately $13.0 million of the net proceeds to construct a new large scale processing plant in Hainan Province, approximately $5.0 million to complete construction of an organic feedmill and the remaining proceeds for general corporate purposes, including working capital.

The registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on December 12, 2007. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities is made only by means of a prospectus and related prospectus supplement. Copies of the prospectus relating to these securities may be obtained when available from Roth Capital Partners, LLC, 24 Corporate Plaza Newport Beach, California 92660, Attention: Syndicate Department, telephone: 949.720.7194, facsimile: 949.720.7227, and email: rothecm@roth.com, or from Ladenburg Thalmann & Co. Inc., 58 South Service Road, Suite 160, Melville, NY,11747, Attention: Richard B. Matty, Syndicate Manager, telephone: 631.270.1667, facsimile: 631.270.1998, and email: rmatty@ladenburg.com.

About HQ Sustainable Maritime Industries, Inc.

HQ Sustainable Maritime Industries, Inc. is an integrated aquaculture and aquatic product processing company, with operations based in the environmentally pristine island province of Hainan, in the South China Sea. HQ practices co-operative sustainable aquaculture, using nutraceutically enriched feeds and conducting fish processing and sales. The company is dedicated to sustainable toxin-free methods giving its customers the purest products possible. The Company holds HACCP certification from the U.S. FDA and the EU Code assignment of quality, permitting its products to be sold in these international markets. It owns a nutraceuticals and health products company, which is HACCP and GMP certified, and produces and sells products subject to stringent laboratory tests certified by the China Ministry of Health. This GMP certified plant produces nutraceuticals, which enrich feed used by HQ's cooperative aquaculture operations. In addition to headquarters in Seattle, HQ has operational offices in Wenchang, Hainan (http://www.hqfish.com).

Safe Harbor Statement

Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of HQ Sustainable Maritime Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."

Contact Information

  • Contact:
    HQ Sustainable Maritime Industries
    Norbert Sporns
    Chief Executive Officer
    Phone: 206 621-9888
    Email Contact

    CCG Elite Investor Relations
    Crocker Coulson
    President
    646 213-1915
    Email Contact