It Gets Approx $1.6M Investment from Its Chairman and CEO

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Cleantech Solutions International, Inc. (CLNT)

CLNT reported that earlier last month its Chairman and CEO Mr. Jianhua Wu advanced RMB10,000,000 (approximately $1,623,693) to the Company for the purpose of providing funding for expansion of CLNT 's dyeing machine business.

CLNT entered into a stock purchase agreement with Mr. Wu and his wife, pursuant to which the Company sold a total of 290,984 shares (restricted securities) to them for $5.58 per share, which represents the highest closing price of CLNT stock during the period from the date of Mr. Wu's advance and June 2, 2014, when the stock purchase was approved by the independent members of CLNT 's Board of Directors. The total purchase price, which was paid in RMB, was equivalent to $1,623,693.

CLNT believes that the Chinese government's announced aggressive stance on pollution control is encouraging textile manufacturers to upgrade their equipment to more environmentally friendly models and the Company continues to see strong order flow for its low emission airflow dyeing machines and is expanding capacity to meet the anticipated demand.

CLNT recently reported revenue of $17.6 million, a 27.0% increase year over year, and net income of $2.4 million, or $0.68 per basic and diluted share, compared to $1.6 million, or $0.56 per basic and diluted share, in the same period the prior year.

CLNT is a manufacturer of metal components and assemblies, primarily used in clean technology and other industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers and supplies dyeing and finishing equipment to the textile industry.

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