Over the past several quarters since becoming a publicly traded Company, I believe CALI has clearly and openly demonstrated that not only is it on an exciting growth track, but that management is very capable of developing well grounded growth strategies and successfully executing them. As we enter the second half of 2011, it may well be looked on as the beginning of one of the most exciting new chapters in the Company's history, as we take another giant step forward, this time into the very large and growing domestic auto market in China. The opportunity is there for us and we intend to seize it, first with the acquisition and development of the domestic mall, and then with the further rapid expansion of our web-based auto-related services serving the full spectrum of auto sector buyers, dealers and drivers. As we move ahead we will continue to be fully transparent and firmly believe we will be among the top Chinese companies to emerge strongly from this period of investor uncertainty.
China Auto Logistics successfully closed the sale on July 1 of three million unregistered common shares to accredited individual investors at an above market price of $1.75 per share, raising a total of $5.25 million for general corporate purposes.
"The addition of $5.25 million in cash provides us with additional flexibility in pursuing our acquisition goals this year, as well as other growth plans aimed at continuing to build CALI's leadership in China's Internet and auto industries. We have a very bright future and we will continue to provide the highest level of disclosure. We firmly believe this will lead us to be among the well deserving top companies to emerge as winners from a return in investor confidence."
Despite the elimination of certain incentives to auto purchasers and the introduction of some new restrictions on drivers, China should continue to be the world's leading automotive market and remain a very fertile environment for the continuing strong growth of our Company. As such, our highly attractive and informative websites currently covering 35 cities will continue to expand their geographical coverage with our target of 60 cities reaching 70% of China's auto buying public by 2012 still in place. Further, we see significant progress ahead toward our goal of achieving 50% of revenues from new on-line services we expect to offer. At the moment, we are particularly excited about the prospects we see for introducing on-line domestic auto sales in the second half this year, as well as other auto-related services.