SORL Participates in TATA Vendor Meeting, Explores Further Cooperation with India's Leading Auto Group
26 June 2008 - 11:00PM
PR Newswire (US)
ZHEJIANG, China, June 26 /Xinhua-PRNewswire-FirstCall/ -- SORL Auto
Parts, Inc. (NASDAQ:SORL), a leading manufacturer and distributor
of commercial vehicle air brake valves and other auto parts in
China, announced that its Chief Executive Office Mr. Zhang Xiaoping
participated in the 2008 TATA Motors Ltd. ("TATA") China Vendor
Meeting in Shanghai, China on June 16, 2008. This is the first
vendor meeting TATA has held in China. Only TATA's six key Chinese
suppliers were invited, all of which are leading Chinese auto parts
manufacturers in various product areas. At the meeting, Mr. Zhang
had extensive discussions with TATA's Executive Director Prakash M.
Telang and the Chief of Strategic Sourcing B. B. Parekh. The two
sides exchanged views on a variety of topics including further
expanding the scope of products provided by SORL, pricing
practices, and other ways in which the two companies could work
together strategically. SORL and TATA signed their first sales
agreement in early 2007. Subsequent to that agreement, SORL
established a sales center in Pune, India and designated a team to
further develop the relationship with TATA including analyzing
TATA's needs, coordinating new product development, ensuring
quality and on-time delivery, and working closely with TATA in
general. The result has been high customer satisfaction, increasing
orders, and a general strengthening of the relationship with TATA.
"Our relationship with TATA is an important step in our effort to
develop more international OEM business," commented SORL's CEO
Zhang Xiaoping. "As an emerging economy, India is rapidly expanding
its infrastructure, which means high growth potential for the
commercial vehicle market. As China's leading air brake valve
manufacturer, SORL has the ability to use our cost and quality
advantages to develop such high-growth emerging markets. We are
confident that our successful cooperation with TATA will continue
to develop rapidly and will serve as a model for our ongoing
efforts to establish business relations with more international
OEMs. At the same time, we are also actively exploring different
types of strategic cooperation that will help us achieve our
strategic goal of expanding the global reach of SORL." 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 1000 different specifications. The Company has four
authorized international sales centers in Australia, United Arab
Emirates, India, 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 may include certain statements that
are not descriptions of historical facts, but are forward-looking
statements. Forward- looking statements can be identified by the
use of forward-looking terminology such as "will", "believes",
"expects" or similar expressions. These forward- looking statements
may also include statements about our proposed discussions related
to our business or growth strategy, which is subject to change.
Such information is based upon expectations of our management that
were reasonable when made but may prove to be incorrect. All of
such assumptions are inherently subject to uncertainties and
contingencies beyond our control and upon assumptions with respect
to future business decisions, which are subject to change. We do
not undertake to update the forward-looking statements contained in
this press release. For a description of the risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this press release, see our
most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC filings.
Copies of filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR) at
http://www.sec.gov/ . For more information please contact: Richard
Cai Director of Investor Relations SORL Auto Parts, Inc. Tel:
+86-577-6581-7720 Email: Dan Joseph ICR, Inc. Tel: +86-21-6122-1077
Email: Bill Zima ICR, Inc. Tel: +1-203-682-8200 Email: DATASOURCE:
SORL Auto Parts, Inc. CONTACT: Richard Cai, Director of Investor
Relations of SORL Auto Parts, Inc., +86-577-6581-7720, or ; or Dan
Joseph, +86-21- 6122-1077, or , or Bill Zima, +1-203-682-8200, or ,
both of ICR, Inc. for SORL Auto Parts Web site: http://www.sorl.cn/
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