SAN FRANCISCO, July 23, 2008 (PRIME NEWSWIRE) -- CAI International, Inc. (NYSE:CAP) today announced the filing of a registration statement on Form S-3 to register the sale of 4,000,000 shares of its common stock, comprising 1,333,000 shares that CAI intends to offer and sell and 2,667,000 shares that CAI's founder and Executive Chairman, Hiromitsu Ogawa, intends to offer and sell. Piper Jaffray & Co. and Banc of America Securities LLC will act as joint book-running managers for the offering. The Company intends to use its net proceeds from the offering to repay a portion of the amount outstanding under its credit facility. CAI will not receive any proceeds from the sale of stock by Mr. Ogawa.
The registration statement relating to the sale of these shares has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. 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 the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus relating to this offering may be obtained, when available, upon making a request in writing to Piper Jaffray & Co., Attn: Equity Capital Markets, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402-7020 or by calling Piper Jaffray & Co. toll-free at (877) 371-5212 or emailing prospectus@pjc.com, or to Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor, New York, New York 10001 or by e-mail to dg.prospectus_distribution@bofasecurities.com.
About CAI International, Inc.
CAI is one of the world's leading managers and lessors of intermodal freight containers. As of March 31, 2008, the company operated a worldwide fleet of 773,000 TEU of containers. CAI has 13 offices located in 11 countries.
The CAI International logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3968
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including, but not limited to, statements related the offering of securities by CAI International, Inc. and Mr. Hiro Ogawa. These forward-looking statements are based on CAI's current expectations, and inherently involve significant risks and uncertainties. CAI's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to CAI's need for additional funds. These and other risk factors are discussed under the heading "Risk Factors" in the registration statement filed on Form S-3 with the Securities and Exchange Commission on July 22, 2008. CAI undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.