ZHEJIANG, China, Dec. 2 /Xinhua-PRNewswire/ -- SORL Auto Parts, Inc.
(Nasdaq: SORL), a leading manufacturer and distributor of commercial vehicle
air brake valves as well as other auto parts in China, completed its follow-on
public offering of 4,285,714 shares of common stock at $7.25 per share on
November 30, 2006. Gross proceeds were approximately $31,071,000. Net
proceeds after underwriters' commissions and the non-accountable expense
allowance and related offering expenses were approximately $27,748,000.
The net proceeds will be used to fund capital expenditures including
construction of a new plant and equipment purchases, to expand research and
development efforts, to build out the international sales network and for
working capital and other general corporate purposes including for possible
strategic alliances.
Maxim Group LLC acted as the sole book runner and Chardan Capital Markets,
LLC acted as a co-manager of the public offering. Copies of the final
prospectus relating to the public offering may be obtained from Maxim Group
LLC. at 405 Lexington Ave., New York, New York 10174.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any shares of SORL Auto Parts, Inc.'s common
stock, nor shall there be any sale of these securities in any jurisdiction in
which such an offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About SORL Auto Parts, Inc.
As China's leading manufacturer and distributor of automotive air brake
valves, SORL Auto Parts, Inc. ranks first in market share in the segment for
commercial vehicles weighing more than three tons, such as trucks and buses.
The Company distributes products both within China and internationally under
the SORL trademark. SORL ranks among the top 100 auto component suppliers in
China, with a product range that includes 40 types of air brake valves and
over 800 different specifications. The Company has three authorized
international sales centers in Australia, United Arab Emirates, and the United
States, with additional offices slated to open in other locations in the near
future. For more information, please visit http://www.sorl.cn .
Safe Harbor Statement
Statements made in this press release that are not historical fact are
"forward-looking statements," which are based on current expectations that
include a number of risks and uncertainties. Additional factors that could
potentially affect the Company's financial results may be found on the
Company's filings with the Securities and Exchange Commission
( http://www.sec.gov ).
