ZHEJIANG, China, April 7 /PRNewswire-Asia-FirstCall/ -- SORL Auto
Parts, Inc. (Nasdaq: SORL)("SORL" or "The Company"), a leading
manufacturer and distributor of commercial vehicle air brake
systems as well as related auto parts in China, today announced new contract awards in
the agricultural and light vehicle markets.
SORL Auto Parts (Ruili Group Ruian Auto Parts Co., Ltd.) signed
a strategic supply agreement with Shandong KAMA Automobile
Manufacturing Co., Ltd. ("Shandong KAMA"), to provide clutch
boosters, clutch master cylinders and other air brake
systems-related products. Based on current expectations, SORL
believes its products will account for as much as 80% of the total
products in those categories used by KAMA.
Shandong KAMA Automobile Manufacturing Co., Ltd. is one of
China's industrial giants. With
over 300 sales and service stations nationwide, Shandong KAMA also
exports its products to over 40 foreign countries including
France, Pakistan, South
Africa, and the U.K. Shandong KAMA's products include
micro-trucks, light-trucks, medium-trucks, and heavy-trucks and
agricultural vehicles. Shandong KAMA has estimated its annual
production will be 150,000 vehicles in 2010 and 200,000 units in
2011, with micro-truck, light-truck and agriculture vehicles
comprising the majority of the products.
In addition, SORL Auto Parts has been selected as a key supplier
by the Shandong Wuzheng Group. SORL estimates its products supplied
to Wuzheng Group will reach 20 million
RMB in 2010, doubling the amount in 2009.
Shandong Wuzheng Group is a leading domestic manufacturer in the
agricultural and light-truck vehicle sectors. Wuzheng carries over
1,000 types of products. Its main products include three-wheeled
vehicles, agricultural machinery, electric cars, auto parts, etc.
Wuzheng's trademark has received the "Famous Trademark of
China" from the State
Administration for Industry & Commerce of the People's Republic of China (SAIC). The
Aochi truck was the sole recipient of the "2010 China Light-Truck
Annual Award". Shandong Wuzheng has estimated its annual production
of three-wheel vehicles for 2010 to be 300,000 units, with
micro-trucks, light-trucks and medium-trucks exceeding 60,000
units. Shandong Wuzheng has been recognized as one of the most
promising enterprises in China's
machinery industry.
Mr. Baojian Tao, SORL Auto Parts'
Chief Operating Officer, commented, "Our supply contract with
Shandong KAMA is a good starting point. In the future, we plan on
achieving whole-vehicle supply of the air brake systems and related
products, and eventually become their exclusive supplier. In 2009,
SORL's supply to Wuzheng Group substantially improved. This new
contract serves as a testament to the quality and technology of our
products, and demonstrates the tremendous growth potential we have
in China's agriculture vehicle
market."
SORL Auto Parts, Inc.
As China's leading manufacturer
and distributor of automotive air brake systems and other related
auto parts. SORL Auto Parts, Inc. ranked No. 1 for market share in
the segment for commercial vehicles, such as trucks and buses. The
Company distributes products both within China and internationally under the SORL
trademark. SORL is listed among the top 100 auto component
suppliers in China, with a product
range that includes 40 categories with over 1000 specifications in
air brake system, air controlling system and others. The Company
has four authorized international sales centers in Australia, UAE, India, and the
United States. SORL is working to establish a broader global
sales network. 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:
Ben Chen
Corporate Secretary
Director of Investor Relations
Phone: +86-577-6581-7721
Email: ben@sorl.com.cn
Kevin Theiss
Grayling
Phone: +1-646-284-9409
Email: kevin.theiss@grayling.com
SOURCE SORL Auto Parts, Inc.