SORL Auto Parts' Subsidiary Designated a National High-Tech Enterprise
12 January 2010 - 10:15PM
PR Newswire (US)
ZHEJIANG, China, Jan. 12 /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
that its subsidiary, Ruili Group Ruian Auto Parts Co., Ltd., has
been awarded the Chinese government's "High-Tech Enterprise"
designation. The High-Tech Enterprise certificate is valid for
three years and provides for a reduced tax rate of 15% for years
2009 through 2011. The High-Tech Enterprise evaluation is jointly
conducted by the Ministry of Science and Technology, the Ministry
of Finance and the Ministry of Taxation, and the designation is
awarded to industry leaders with the most advanced technologies.
Mr. Xiaoping Zhang, SORL's CEO and Chairman, commented, "We are
very pleased that SORL's technological innovations and our
industry's leading technology have been recognized through this
designation. We will leverage the government's support to further
enhance our technology and competitiveness to reinforce our leading
position in the Chinese commercial brake systems market." About
SORL As China's leading manufacturer and distributor of automotive
air brake systems and other related auto parts, 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 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: At SORL Auto Parts, Inc. Ben Chen
Director of Investor Relations Tel: +86-577-6581-7721 Email: Kevin
Theiss Grayling Tel: +1-646-284-9409 Email: DATASOURCE: SORL Auto
Parts, Inc. CONTACT: Ben Chen, Director of Investor Relations of
SORL Auto Parts, Inc., +86-577-6581-7721, ; or Kevin Theiss of
Grayling, +1-646- 284-9409, Web site: http://www.sorl.cn/
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