NEW YORK, Jan. 7, 2009 (GLOBE NEWSWIRE) -- Sichenzia Ross Friedman Ference LLP announced today that it represented three public companies in PIPE transactions of over $1 million in December of 2008. On December 18, SRFF represented eMagin, Corp. (OTCBB:EMAN) on a preferred stock financing transaction in which an aggregate of $4.033 million of new funds were raised and an aggregate of $1.7 million of existing debt was exchanged, and on December 30, the Firm represented Macrosolve, Inc. (OTCBB:MCVE) on a $1.35 million PIPE. Also on December 30, SRFF represented IX Energy, Inc. on a PIPE financing of $2.75 million which was completed simultaneously with a reverse merger of IX Energy into YOO, Inc. (OTCBB:YOOO). Yoo Inc. will be changing its name to IX Energy Holdings, Inc.
Additionally, on December 23, 2008, SRFF represented YzApp International, Inc. (OTCBB:YZPI) in its reverse merger with New Zealand WAYNE's New Resources Development Co., Ltd., a holding company that owns Heilongjiang Shuaiyi New Energy Development Co., Ltd., a leading dry Chinese Caterpillar Fungus grower and producer in China. The resulting company will be known as Shuaiyi International New Resources Development Inc. Finally, on New Year's Eve the Firm represented Universal Fog (OTCBB: UVFO) in its reverse merger into Harbin Humankind, a Chinese Healthcare Company. The resulting company will be known as China Health Industries, Inc. The Firm also represented a privately held company which was able to close on a $750,000 bridge financing.
"We had a very busy finish to the year, the fifth year in a row in which SRFF was again the most active law firm representing issuers in PIPE transactions, although overall activity slowed considerably from 2007 as the credit markets continued to be frozen," said Richard Friedman, Managing Partner of the Firm. "We were nevertheless encouraged to see that both investors and companies were anxious to get transactions closed before year end, and we hope that it will continue into 2009."
About Sichenzia Ross Friedman Ference LLP (SRFF)
Sichenzia Ross Friedman Ference LLP has led the nation in representing public companies in PIPEs transactions, both domestic and International, since 2004. The New York based firm has completed over 250 such transactions totaling over 1 billion dollars. The Firm provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters. SRFF's clients range from start-ups to established, listed companies. They include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also advises institutional investors on transactions involving complex securities law considerations. For more information, visit www.SRFF.com.