Citi Trends Announces Proposed Shelf Registration
SAVANNAH, Ga., March 21, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today announced that it intends to file a shelf registration statement on Form S-3 to cover the offer and sale, from time to time, by selling stockholders, Hampshire Equity Partners II, L.P. and its affiliates, of approximately 3,000,000 currently outstanding shares of the Company's common stock.
The registration statement is being filed pursuant to the terms of a registration rights agreement between Hampshire Equity Partners II, L.P. and the Company. The selling stockholders may sell any, all or none of the shares of common stock to be registered from time to time in one or more transactions. The Company will not receive any proceeds from the sale of these shares.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Citi Trends, Inc., nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This announcement is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended.
All statements other than historical facts contained in this news release, including statements regarding our future financial position, business policy and plans and objectives of management for future operations, are forward-looking statements that are subject to material risks and uncertainties. The words "believe," "may," "could," "estimate," "continue," "anticipate," "intend," "expect" and similar expressions, as they relate to Citi Trends, are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors which are discussed in Citi Trends, Inc. filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to economic conditions, growth and expansion risks, consumer spending patterns, competition within the industry, competition in our markets and the ability to anticipate and respond to fashion trends. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, Citi Trends does not undertake to publicly update any forward-looking statements in this news release or with respect to matters described herein, whether as a result of any new information, future events or otherwise. CTRN-E
SOURCE Citi Trends, Inc.
Ed Anderson of Citi Trends, Inc., Chairman and Chief Executive Officer, +1-912-443-3705, or Tripp Sullivan of Corporate Communications, Inc., +1-615-254-3376, for Citi Trends, Inc.
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