WUHAN, Hubei, China, June 1 /Xinhua-PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS), a leading power steering components and systems
supplier in China, today announced Mr. Andy Tse has resigned his executive
director position from the China Automotive Systems' Board effective May 22,
2007. Mr. Tse remains his role as Senior Vice President of the Company. With
his resignation from the Board, China Automotive Systems now has more
independent directors than inside directors and regained compliance with
NASDAQ Marketplace Rule 4350(c).
(Logo: http://www.prnasia.com/sa/200611131509.jpg )
About CAAS
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 seven 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 and 307 models of power steering with an
annual production capacity of 800,000 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., Donfeng Auto Group Co.,
Ltd., Brilliance China Automotive Holdings Ltd., 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. 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 consumer preferences and
tastes; and effectiveness of marketing; changes in laws and regulations;
fluctuations in costs of production, and other factors as those discussed in
the Company's reports filed with the Securities and Exchange Commission from
time to time.
