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Omnia Luo completes $6 mn equity financing

16 Oct '07

3 min read

As part of the private placement, Wentworth also issued a total of 4,920,000 shares of Wentworth common stock at a per share issuance price of $1.25, along with five-year warrants to purchase an additional 5,412,000 shares of common stock, exercisable at $1.5625 per share. On a fully diluted basis, Wentworth now has 28,544,752 shares of common stock outstanding.

Wentworth expects to change its corporate name to OmniaLuo Inc later this month. The Company plans to file, within 30 days of the closing of the private placement, a Registration Statement on Form SB-2 with the Securities and Exchange Commission with respect to the proposed resale of shares by private placement investors and certain other stockholders.

Upon the effectiveness of the Registration Statement, the Company intends to seek a quotation of its Common Stock on the Over-the-Counter Bulletin Board.

"We are extremely pleased with this transaction and very optimistic about our Company's future. With the infusion of additional capital, we believe that OmniaLuo is poised to benefit from the explosive growth in China's $25 billion women's apparel market," stated Ms. Cindy Luo, OmniaLuo's Chairwoman and CEO. Ms. Luo further stated, "Keating Investments' turnkey going public program has provided OmniaLuo with the capital to accomplish our strategic growth objectives, and we are confident that their market-making and after market support services will result over time in a widely held, actively traded, and fully valued stock, benefiting all OmniaLuo stockholders."

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Omnia Luo Group Limited

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