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China Automotive Systems Announces Changes to the Board of Directors

2009-12-21 19:00 1757

WUHAN, China, Dec. 21 /PRNewswire-Asia/ -- China Automotive Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems supplier in China, today announced that at the Company's annual meeting on December 17, 2009, Mr. Hanlin Chen, Chairman, Mr. Qizhou Wu, Chief Executive Officer, Mr. Guangxun Xu, Mr. Bruce Carlton Richardson, Mr. Robert Tung and Mr. William E. Thomson were elected as directors.

Guangxun Xu served as the Chief Representative of NASDAQ in China the past two years and was a managing director with the NASDAQ Stock Market International, Asia for over 10 years. He also served as an independent director of China Automotive Systems in 2006. Mr. Xu's professional finance career spans over 25 years. His practice focuses on services for US and UK listings, advising on and arranging corporate and project financings, pre-IPO restructuring, M&A, corporate governance and compliance, post-IPO IR, etc. He holds an MBA from Middlesex University, London.

Bruce Carlton Richardson served as CFO and Secretary of Dalian RINO International Environmental Engineering from October 2007 to September 2008. Formerly, he was a Managing Director of Xinhua Finance, a Senior Analyst at Evolution Securities China Limited and a Director of New Access Capital, all in Shanghai. From 2001 through May 2003, he was a private consultant for the Chinese financial markets. Mr. Richardson earned a BA in Classics from the University of Notre Dame in 1980, graduated with an MA in International Management from the University of Texas, Dallas, and he was awarded a graduate study grant by the US National Academy of Sciences. He completed a year of post-graduate research on PRC accounting at the People's University in 1988.

Mr. Hanlin Chen, Chairman, commented, "We welcome Mr. Bruce Carlton Richardson to our Board of Directors. We also welcome Mr. Guangxun Xu back. We believe that their extensive experience and expertise will help move China Automotive Systems to a higher level to achieve its strategic goals. We also thank Dr. Haimian Cai for his past contributions to the Board and look forward to his leadership at our subsidiary Henglong USA."

Committee chairman were appointed as follows: Mr. Thomson has been appointed the Chairman of the Audit Committee; Mr. Richardson is the Chairman of the Compensation Committee; and Mr. Xu is the Chairman of Nomination Committee.

About China Automotive Systems, Inc.

Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering with an annual production capacity of over 1.8 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and, condition and the impact of acquisitions on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company's products; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.

For further information, please contact:

Jie Li

Chief Financial Officer

China Automotive Systems

Email: jieli@chl.com.cn

Kevin Theiss

Investor Relations

Grayling

Tel: +1-646-284-9409

Email: kevin.theiss@us.grayling.com

Source: China Automotive Systems, Inc.
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NASDAQ:CAAS
Keywords: Auto
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