JINZHOU CITY, China, Jan. 29 /Xinhua-PRNewswire-FirstCall/ -- Wonder Auto Technology, Inc., (OTC Bulletin Board: WATG) ("Wonder Auto" or "the Company"), a China-based manufacturer of automotive electrical parts, today announced it has added a number of new customers in both the international and domestic starter and alternator markets during the second half of 2006.
"Our ability to expand and diversify our customer base demonstrates our competitiveness in both the domestic and international markets. We are particularly pleased that our technological strengths, cost-effective delivery and stringent quality control are enabling us to reinforce our leadership position in China and to quickly penetrate new international markets," commented Quingjie Zhao, the Wonder Auto's President and CEO.
Over the last six months, Wonder Auto has entered the Korean market by securing contracts for first run orders with Doosan Infracore Co. Ltd. and SW-Tech Corporation. Wonder Auto has also received orders for sample products from LDV Group Limited, the 2nd largest commercial vehicle manufacturer in UK. The relationship with LDV Group Ltd marks Wonder Auto's entrance into the European market and is the first step for the Company in meeting the high standards demanded by European manufacturers.
In the China marketplace, Wonder Auto's new contract wins include first run orders from Beijing Benz-Daimler Chrysler Automation and Nanjing MG Rover Motor Company Ltd. Both contracts broaden the Company's market penetration beyond the mid and low end engine capacity market.
About Wonder Auto Technology, Inc.
Wonder Auto Technology, Inc., through its subsidiary, Jinzhou Halla Electrical Equipment Co., Ltd., designs, develops, manufactures and sells automotive electrical parts and is the second largest seller of automotive alternators and starters in China. The Company's products are suitable for various types of automobile. Most of its products are used in cars in the sedan category, especially cars with smaller engines with displacements below 1.6 liters. The Company's customers include Beijing Hyundai, Beijing Daimler Chrysler, SAIC GM WuLing, FAW Auto Group, Chery, Geely and Tianjin FAW XiaLi Automobile Co., as well as automotive engine suppliers such as Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co. Wonder Auto is a Nevada corporation with its manufacturing subsidiary Halla and its corporate headquarters located in Jinzhou City, Liaoning, China.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China, changing interpretations of generally accepted accounting principles; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which the Company is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition from other providers of auto components; timing approval and market acceptance of new product introduction; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks not included herein. The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.
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