LZEN Lizhan Environmental Corp. - Ordinary Shares (MM)

Lizhan Environmental Corporation ("Lizhan" or the "Company") (NASDAQ: LZEN), a China-based supplier of synthetic leather and other fabrics manufactured from recycled leather waste, today announced the pricing of its initial public offering of 2,500,000 shares at a price of $4.00 per share. The Company has granted the underwriters an option to purchase up to an additional 375,000 ordinary shares to cover over-allotments, if any. Lizhan's ordinary shares commenced trading on November 19, 2010 on the Nasdaq Global Market under the symbol "LZEN."

Maxim Group LLC acted as the book-running manager for the offering, and Aegis Capital Corp. acted as the co-manager for the offering. The offering is expected to close on November 24, 2010.

The Company intends to use the net proceeds of approximately $7.3 million (or $8.7 million assuming the underwriters exercise their option to purchase the over-allotment shares) to install three production lines in their new facility to produce the new reconstituted evergreen LZ collagen fiber leather (Evergreen Products).

A registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these 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.

A copy of the prospectus relating to the offering may be obtained by contacting: Maxim Group LLC, 405 Lexington Ave, New York, NY 10174, 800-724-0761.

ABOUT LIZHAN ENVIRONMENTAL CORPORATION Lizhan Environmental Corporation manufactures, distributes and markets synthetic leather and other fabrics from recycled leather waste. The Company's products are mainly used in furniture and other consumer applications.

SAFE HARBOR STATEMENTS This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's registration statement on Form F-1, as amended. All information provided in this press release is as of November 18, 2010. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

For more information, please contact: CORPORATE Lizhan Environmental Corporation Silvia Liu, Secretary of the Board Linda Chang, CFO Phone: +86 573 8862 1268 Email: Email Contact Web: http://www.lzencorp.com INVESTOR RELATIONS Cooper Global Communications, LLC Phone: (212) 317 1400 Richard Cooper, President Sabrina Zhang, Associate Email Contact Email Contact