omniture

SORL Auto Parts Announces Exercise of Over-allotment Option by Underwriter

2006-12-14 12:03 2056

ZHEJIANG, China, Dec. 14 /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, today announced that

Maxim Group LLC, the lead underwriter of its recent follow-on offering, has

exercised the over-allotment option in full to purchase an additional 642,857

shares of common stock. Upon the deduction of underwriter's discount and

related expenses, the amount of approximately $4.3 million constituting

payment was received by the Company. With the exercise of the underwriter's

option, the aggregate net proceeds to SORL of its offering were approximately

US$32.7 million.

Maxim Group LLC acted as the sole book runner and Chardan Capital Markets,

LLC acted as a co-manager of the offering.

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 these

securities in any jurisdiction in which such 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 ).

Source: SORL Auto Parts, Inc.
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Keywords: Auto
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