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Xantrex Announces Closing of its Initial Public Offering
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March 19, 2004 - For Immediate Release Vancouver, B.C., Canada - Xantrex Technology Inc. ("Xantrex") announced today that its initial public offering of 3,725,000 common shares at a price of $18.00 per share has closed. Xantrex and certain shareholders of Xantrex have granted to the underwriters an option to purchase up to an additional 558,750 Common shares on the same terms as set out above to cover over-allotments, if any, and for market stabilization purposes. The over-allotment option is exercisable within 30 days after closing of the initial public offering. RBC Capital Markets is the lead manager and book runner for the offering. CIBC World Markets Inc. and UBS Securities Canada Inc. are the co-lead managers of the underwriting syndicate. The other members of the syndicate are GMP Securities Ltd., National Bank Financial Inc., and Raymond James Ltd. "Xantrex and its employees are excited about embarking on the next phase of our growth," said Xantrex's Chairman, Mossadiq Umedaly. "The proceeds of this offering will be used to implement our growth strategies." Xantrex has received conditional approval for the listing of its Common shares on the Toronto Stock Exchange under the symbol "XTX", subject to Xantrex fulfilling all of the requirements of the Toronto Stock Exchange by June 3, 2004. Xantrex Technology
Inc.: Xantrex is headquartered in Vancouver, British Columbia and has facilities in Arlington, Washington; Livermore, California; Miami, Florida; Elkhart, Indiana; and Barcelona, Spain. Additional information about Xantrex is available at www.xantrex.com. |
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