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Wonder Auto Announces Planned Nomination to Board of Directors

2007-05-31 16:27 1356


JINZHOU CITY, China, May 31 /Xinhua-PRNewswire-FirstCall/ -- Wonder Auto Technology, Inc., (OTC Bulletin Board: WATG) ("Wonder Auto" or "the Company"), a China-based manufacturer of automotive parts, today announced that Mr. Xingye Zhang, honorary Chairman of the China Automotive Engineering Association, is expected to be nominated to stand for election to the Company's Board of Directors at the Company's 2007 Annual Meeting of Shareholders. The Wonder Auto Board is expected to nominate Mr. Zhang at an upcoming Board meeting which will be held on June 8, 2007.

"We are delighted that Mr. Xingye Zhang has agreed to be a nominee to the Board. His industry perspective and engineering knowledge will be of great value as our Company grows and strives to consolidate and extend its technological excellence," said Mr. Qingjie Zhao, Wonder Auto's Chairman and CEO.

Mr. Xingye Zhang has served as the honorary Chairman of the China Automotive Engineering Association since September 2001. From January 1992 to September 2001, Mr. Zhang served as the chairman of the China Automotive Engineering Association. Prior to that, Mr. Zhang was the chairman of the board of directors of Hong Kong Huashengchang Automobile Corporation, the vice chairman of the board of directors of Hong Kong Huashengchang Machinery Co., Ltd. and vice chairman and vice president of China Automobile Industrial Corporation. Mr. Zhang also worked in government as the deputy chief of the Automobile Bureau of the Chinese No. 1 Ministry of Machinery. Mr. Zhang graduated from the Department of Machinery at Tianjin Beiyang University in 1951 and is a senior engineer (with a rank of professor).

In order to give the Company's shareholders sufficient time to consider the election of Mr. Zhang for nomination to the Board, the Company plans to delay its annual meeting, previously scheduled for 9:00 a.m. on June 8, 2007 to a date to be determined by the Board.

The Board of Wonder Auto is also expected to withdraw its nomination of Mr. Lei Jiang as a director at its Annual Meeting of Shareholders. Mr. Jiang was originally appointed to the Board on March 23, 2007 to act as one of the Company's three independent directors. However, after careful consideration, the Board has determined that Mr. Jiang's commitment to the Board following his nomination has been insufficient and his likely future commitment is doubtful. Therefore, the Board expects to withdraw its nomination of Mr. Jiang to stand for election as one of the Company's independent directors at the Company's next annual meeting of shareholders.

About Wonder Auto Technology, Inc.

Wonder Auto Technology, Inc., through its subsidiaries, Jinzhou Halla Electrical Equipment Co., Ltd. and Jinzhou Wanyou Mechanical Parts Co., Ltd., designs, develops, manufactures and sells automotive parts and is the second largest seller of automotive alternators and starters in China. The Company's products are suitable for various types of automobiles and industrial vehicles. Wonder Auto's customers include Beijing Hyundai, Shenyang Aerospace Mitsubishi, Harbin Dong'an Mitsubishi, and Dongfeng Yueda Kia Motor Co., Ltd. Wonder Auto Technology, Inc. is a Nevada corporation with its manufacturing subsidiaries Jinzhou Halla and Jinzhou Wanyou 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: the factors listed under the caption "Risk Factors" in the Company's last filed annual report on Form 10-K and those included under similar sections of subsequently filed reports, 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.

Source: Wonder Auto Technology, Inc.
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Keywords: Auto
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