ZHEJIANG, China, Sept. 13, 2011 /PRNewswire-Asia-FirstCall/ --
SORL Auto Parts, Inc. (NASDAQ: SORL)
("SORL" or "the
Company"), a global tier one supplier of brake
and control systems to the commercial vehicle industry, announced
today that the Company has entered into a product development
agreement with China National Heavy Duty Truck Group Co., Ltd.
("CNHTC"), the largest Chinese commercial vehicle manufacturer.
SORL will supply braking valves and components to be fitted on
light-duty vehicles.
SORL has been a supplier to CNHTC since 1997 and this new
agreement is a result of SORL's past performance, recognized
capability for product innovation and its high-quality standards.
According to the agreement, SORL will develop braking valves and
components fitted for light-duty vehicles, including brake
chambers, air dryers, hand brakes, foot brakes and relay
valves.
The Company expects that sales to CNHTC will reach 15 million RMB in 2012.
Ms. Jinrui Yu, Production &
Export Vice President, commented, "We are honored and pleased to be
selected again as CNHTC's partner to penetrate deeper into the
light-duty vehicle market. Our further cooperation with CNHTC is a
result of our innovativeness and consistent high-quality
production. We will continue to respond to potential market
opportunities, support our many customers, and provide
cost-effective, adaptable and leading braking products."
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. ranked No. 1
for market share in the segment for commercial vehicles brake
system, 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 65
categories with over 2000 specifications in brake system and
others. The Company has three authorized international sales
centers in 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.
Contact
Information
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Ben Chen
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VP Finance & Corporate
Secretary
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+86 577 6581
7721
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Email: ben@sorl.com.cn
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Kevin Theiss
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Grayling
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+1 646 284 9409
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Email: kevin.theiss@grayling.com
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SOURCE SORL Auto Parts, Inc.