LOS ANGELES — WestPark Capital, Inc. announced the closing of a WRASPSM transaction for Hong Kong Highpower Technology, Inc. (AMEX: HPJ). A WRASP is an alternative capital markets transaction process where a private company goes public through a share exchange, with its common stock trading directly on the American Stock Exchange or another senior exchange. A WRASP involves a series of related transactions managed by WestPark Capital, a FINRA registered broker-dealer. The Hong Kong Highpower Technology transaction raised more than $5 million of equity capital for the company and represents the fourth WRASP completed by WestPark Capital.
“With the success of our fourth WRASP transaction, we have further demonstrated a new approach to raising equity capital for profitable growth companies who are able to list their stock for trading on a reputable senior exchange, thereby supporting their business growth opportunities,” stated Richard Rappaport, CEO of WestPark Capital. “WestPark’s WRASP allows small-cap growth companies to raise equity capital and achieve liquidity in the public capital markets, while avoiding the market risks associated with a traditional IPO,” added Michael Christiansen, Senior Vice President.
WestPark Capital completed its first three WRASP transactions for Asia Time Corporation (AMEX: TYM), China Architectural Engineering, Inc. (NASD: CAEI), and China Shenghuo Pharmaceutical, Inc. (AMEX: KUN), in February 2008, September 2007 and June 2007, respectively.
WestPark Capital, Inc. was the sole underwriter for the Hong Kong Highpower Technology offering. The registration statement related to these securities has been declared effective by the Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is made only by prospectus. A copy of the final prospectus may be obtained from WestPark Capital, Inc., 1900 Avenue of the Stars, Suite 310, Los Angeles, CA 90067, by telephone (310) 843-9300, facsimile (310) 843-9304.
WestPark Capital is a leading investment banking and securities brokerage firm serving the needs of private and public growth companies in North America and Asia. WestPark is committed to forging lasting partnerships with emerging growth companies and the investors who back them. WestPark provides a comprehensive range of corporate finance services, including WRASP transactions, initial public offerings, follow-on offerings and private placements, and financial advisory services. Additional information about WestPark Capital, Inc. is available at www.wpcapital.com.
For further information, please contact:
WestPark Capital, Inc. (310) 843-9300
1900 Avenue of the Stars, Suite 310
Los Angeles, CA 90067
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