SORL Auto Parts, Inc. Announces Breakthrough in OEM Market and Aftermarket for Municipal Buses
15 October 2007 - 10:19PM
PR Newswire (US)
-- SORL Named Exclusive Air Brake Supplier for New Municipal Buses
in the City of Tianjin -- SORL Also Supplying Brake Parts to
Beijing's Municipal Buses RUIAN CITY, China, Oct. 15
/Xinhua-PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ:SORL) ("SORL"
or the "Company"), a leading manufacturer and distributor of
automotive air brake valves and related components in China, today
announced that it has been designated as the exclusive air brake
parts supplier for the estimated 2,400 new municipal buses the City
of Tianjin is purchasing. These new buses are being acquired to
both help solve the transport needs of the city's residents and to
accommodate the expected larger transportation demands of the
nearby Beijing 2008 Olympics. Tianjin is a major economic hub for
northern China with a population of approximately 10 million people
and is located only 63 miles away from Beijing. Additionally, the
nation's capital, Beijing, has also chosen SORL as a designated air
brake parts supplier for its municipal bus fleet. Nationally, it is
estimated China had over 341,000 municipal buses at the end of June
2007, according to the Public Safety Bureau of China. Municipal
buses, due to their almost nonstop operation, require frequent
maintenance and replacement of brake systems. The Chinese
government is investing greater resources in mass transportation
systems to improve the living conditions of the growing number of
urban residents. The municipal bus market is positioned to benefit
from this increased investment and possesses the potential for
strong growth. Through a focused marketing plan, SORL has begun to
increase its penetration of the large domestic OEM and aftermarket
for municipal buses. These two aftermarket awards follow other
long-term municipal bus OEM contracts won this year with: Zhengzhou
Yutong Group Co. Ltd., Zhongtong Bus Holding Co. Ltd., Dandong
Huanghai Automobile Co. Ltd., Xiamen King Long United Automotive
Industry Co. Ltd., Xiamen Golden Dragon Bus Co. Ltd., King Long
United Automotive Industry (Suzhou) Co. Ltd., Jianghuai Hefei Coach
Factory, Jinhua Youth Auto Manufacturing Co. Ltd., CIMC Auto Co.
Ltd., Anhui Ankai Automobile Co. Ltd., Chongqing Hengtong Coach Co.
Ltd. and Beijing North Neoplan Bus Co. Ltd. Xiaoping Zhang, CEO of
SORL, commented, "These two awards provide further evidence of
SORL's reputation for high-quality critical brake parts. We
estimate that we have won a 25% market share in the Beijing and
Tianjin aftermarket for bus brake parts for 2007. Our increasing
national brand recognition combined with a growing list of
important OEMs and aftermarket customers, solidifies our leading
market position and testifies to our products' quality.' "We
applaud municipal governments' decisions and continuous efforts to
improve mass transit for both transportation efficiency and
pollution control. We believe that we are well positioned to
capture the Chinese market opportunity of a growing urban
population, increasing mass transit requirements, and rising bus
usage," Mr. Zhang concluded. 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 This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, among others, those concerning our estimated sales and
expected expansion of our production capacity as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking
statements are not guarantees of future performance and that a
number of risks and uncertainties could cause actual results of the
Company to differ materially from those anticipated, expressed or
implied in the forward-looking statements. The words "believe,"
"expect," "anticipate," "project," "targets," "optimistic,"
"intend," "aim," "will" or similar expressions are intended to
identify forward-looking statements. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. Risks and uncertainties that could
cause actual results to differ materially from those anticipated
include risks related to new and existing products, product defects
and any related product recall; any projections of sales, earnings,
revenue, margins or other financial items; any statements of the
plans, strategies and objectives of management for future
operations; any statements regarding future economic conditions or
performance; uncertainties related to conducting business in China;
any statements of belief or intention; any of the factors and risks
mentioned in the "Risk Factors" section of our Annual Report on
Form 10-K for the year ended December 31, 2006 and any subsequent
SEC filings. The Company assumes no obligation and does not intend
to update any forward-looking statements, except as required by
law. For further information, please contact: Richard (Weihai) Cai
Investor Relations Manager Tel: +86-577-6581-7721 Email: Kevin
Theiss Investor Relations The Global Consulting Group Tel:
+1-646-284-9409 Email: Stacy Dimakakos Media Relations The Global
Consulting Group Tel: +1-646-284-9417 Email: DATASOURCE: SORL Auto
Parts, Inc. CONTACT: Richard (Weihai) Cai, Investor Relations
Manager of SORL, +86- 577-6581-7721, or ; Kevin Theiss, Investor
Relations, +1-646-284-9409, or , or Stacy Dimakakos, Media
Relations, +1-646-284-9417, or , both of The Global Consulting
Group, for SORL Web Site: http://www.sorl.cn/
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