January 14, 2010 (FinancialWire) — China Information Security Technology, Inc. (NASDAQ: CPBY) has closed a registered direct offering, raising an aggregate amount of approximately $20 million, before deducting placement agents’ fees and offering expenses.

In the offering, an aggregate of 3,252,033 shares of the company’s common stock, including 1.6 million shares of common stock from its chief executive officer, Jiang Huai Lin, and warrants to purchase up to 813,008 shares of common stock were sold to certain accredited investors.

The warrants will have a 45-day term from the date of issuance and will be exercisable at a price of $6.15 per share. CIST intends to use the net proceeds for general corporate purposes. CIST will not receive any proceeds from the sale of shares by the Selling Stockholder.

China-based China Information Security Technology is an application software developer, systems integrator and Geographic Information Systems solutions provider to the public security and civil-use markets in China.

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