OmniaLuo Inc a China-based company engaged in the business of designing, developing, marketing and distributing fine women's apparel under the name OmniaLuo, announced that on December 19, 2007, the Securities and Exchange Commission declared effective the Company's registration statement on Form SB-2 relating to resale of up to 12,703,165 shares (including up to 5,704,752 shares issuable upon exercise of common stock purchase warrants) of the Company's common stock, par value $0.01 per share, by certain selling stockholders.
The Company was required to register these shares due to commitments it made in connection with the issuance of $6.15 million in equity financing to certain institutional investors and other high net worth individuals.
The resale registration statement, while effective, allows selling stockholders to publicly resell their shares of OmniaLuo common stock, subject to the satisfaction by selling stockholders of the prospectus delivery requirements of the Securities Act of 1933, as amended, in connection with any such resale.
The Company's founders and principal stockholders' shares are not included in the resale registration statement.
The Company will not receive any proceeds from any sales by selling stockholders, but will receive the proceeds from the exercise of warrants held by selling stockholders, if exercised.
This press release shall not constitute an offer to sell or the solicitation of an offer tobuy any of the Company's securities, nor shall there be any sale of these securities in any state in which offer, solicitation, or sale would be unlawful prior to registration of qualification under the securities laws of any such state.
Additional information with regard to this transaction and related transactions can be found in the Company's Registration Statement on Form SB-2, as filed with the Securities and Exchange Commission on November 7, 2007, as amended by Amendment No.1 thereto, as filed with the Securities and Exchange Commission on December 17, 2007, which can be viewed without charge on the internet.
"Now that our registration statement has been declared effective by the SEC, we look forward to initiating trading on the OTC Bulletin Board," stated Cindy Luo, President and Chairwoman.
