SOURCE: Lizhan Environmental Corporation

Lizhan Environmental Corporation

November 24, 2010 11:17 ET

Lizhan Environmental Corporation Announces Closing of Initial Public Offering

ZHEJIANG, CHINA--(Marketwire - November 24, 2010) - Lizhan Environmental Corporation ("Lizhan" or the "Company") (NASDAQ: LZEN), a China-based supplier of synthetic leather and other fabrics manufactured from recycled leather waste, announced today that it has closed its initial public offering ("IPO"), raising gross proceeds of $10.0 million less the underwriter's discount and expenses. The Company has granted the underwriters an option to purchase up to an additional 375,000 ordinary shares to cover over-allotments. The company's common shares commenced trading on NASDAQ under the symbol "LZEN" on November 19, 2010.

Maxim Group L.L.C. acted as the sole book-runner, and Aegis Capital Corp. acted as co-manager, for this initial public offering.

Lizhan's registration statement relating to the initial public offering has been declared effective by the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction.

A copy of the prospectus relating to the offering may be obtained by contacting: Maxim Group LLC, 405 Lexington Ave, New York, NY 10174, 800-724-0761.

About Lizhan Environmental Corporation
Lizhan Environmental Corporation manufactures, distributes and markets synthetic leather and other fabrics from recycled leather waste. The company's products are mainly used in furniture, automotive and other consumer applications.

Safe Harbor Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's registration statement on Form F-1, as amended. All information provided in this press release is as of November 24, 2010. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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