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
it has invested a further USD$25.92 million in its operating subsidiary
Ruili
Group Ruian Auto Parts, Inc.
To maintain its 10% shareholding in Ruili Group Ruian Auto Parts, Inc.,
the Ruili Group has increased its capital investment by USD$2.88 million.
SORL Auto Parts, Inc. continues to hold a 90% controlling interest in the
operating subsidiary.
As a result of the increased investment made by both SORL Auto Parts,
Inc. and the Ruili Group, the total registered capital of Ruili Group Ruian
Auto Parts, Inc. will increase from USD$7.1 million to USD$35.9 million.
The capital investments will be used to fund capital expenditures,
including the construction of a new plant, equipment purchases, research and
development efforts, the further development of the company’s international
sales network and for working capital and other general corporate purposes
including possible strategic alliances.
Mr. Xiaoping Zhang, Chairman and CEO of Ruili Group Ruian Auto Parts,
Inc, commented, “The arrival of this new capital will allow us to broaden
our product offerings and expand our production capacity. Our goal is to
strengthen the fundamentals of the company and further enhance shareholder
value. With the 2008 Beijing Olympics ahead and an accelerating global
purchasing trend, we are upbeat about the future outlook for our business.”
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 ).
For more information, please contact:
David Ming He
SORL Auto Parts, Inc.
Tel: +86-577-6581-7720
Email: davidhe@sorl.com.cn
Christopher Chu
The Global Consulting Group
Tel: +1-646-284-9426
Email: cchu@hfgcg.com