JINZHOU CITY, China, Aug. 12 /PRNewswire-Asia-FirstCall/ -- Wonder Auto Technology, Inc. (Nasdaq: WATG; "Wonder Auto" or "the Company"), a leading manufacturer of automotive electrical parts, suspension products and engine accessories in China, today announced that Jinzhou Halla, wholly-owned subsidiary of Wonder Auto Technology, Inc., signed an agreement with the shareholders of Jinzhou Wonder Alternative Energy Vehicle Technology Co., Ltd. ("AEV"), indicating that Jinzhou Halla has the rights to invest in 10% of the shares of AEV before the end of this year.
According to the agreement, Jinzhou Halla has the option to invest in 10% of the shares of AEV based on asset evaluation reports from independent appraisers, and has the priority to increase the holding shares of AEV in the future. Besides, Jinzhou Halla has the priority to supply to AEV driving motors and other motors, designed for alternative energy vehicles.
AEV is a manufacturer of pure electric vehicles, who has rolled out several models of electric cars. AEV’s products include electric sedans, taxis, minivans, pick-ups, freight cars, tourist coaches, golf carts and bikes, etc.
Mr. Qingjie Zhao, Chairman and CEO of Wonder Auto, commented, "This agreement is the first step for Wonder Auto to set foot in the alternative energy vehicle realm, which accords with future development of auto industry, and is an important part of our strategy to diversify product offerings and transform our business. We are very confident that the markets of alternative energy vehicle and its components will be growing rapidly in the future."
About Wonder Auto
Based in Jinzhou City, Liaoning, China, Wonder Auto Technology, Inc., through its Chinese subsidiaries, designs, develops, manufactures and sells automotive electrical parts, suspension products and engine accessories. Wonder Auto was ranked second in sales revenue in the China market for automotive alternators and starters in 2008. With respective 5 different series and over 230 models of alternators, 150 models of starters, various suspension and engine related parts, the Company supplies to a wide range of automakers, engine producers and auto parts suppliers both in domestic China and overseas. Wonder Auto’s main customers include Beijing MOBIS Auto Parts & Components Co., Ltd, Harbin Dongan Automotive Engine Co., Ltd, Shenyang Xinguang Huachen Auto Engine Co., Ltd, SWT, Shenyang Aerospace Mitsubishi Motors Engine Co., Ltd., Shanghai VW and Weifang Diesel Engine. For more information, please log on http://www.watg.cn
Safe Harbor Statement
This press release may contain forward-looking information about Wonder Auto Technology, Inc. and its wholly owned subsidiaries which are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, statements about industry trends and Wonder Auto Technology, Inc.’s future performance, operations and products. This and other "Risk Factors" are contained in Wonder Auto Technology, Inc.’s public filings with the SEC. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Sun He
Investor Relations Officer
Tel: +86-10-8478-5339
Cell: +86-153-1161-1742
Email: sunhe@watg.cn
Yechon Xie
Investor Relations Manager
Tel: +86-416-266-1186
Cell: +86-137-0006-1685
Email: ycxie@watg.cn
