SORL Auto Parts Completes $31 Million Follow-On Offering at $7.25 Per Share
November 27 2006 - 8:00AM
PR Newswire (US)
ZHEJIANG, China, Nov. 27 /Xinhua-PRNewswire/ -- SORL Auto Parts,
Inc. (NASDAQ:SORL), a leading manufacturer and distributor of
commercial vehicle air brake valves as well as other auto parts in
China, today priced its follow-on offering of 4,285,714 shares at
$7.25 per share. Net proceeds after underwriters' commissions and
non-accountable will be approximately $28.352 million. The net
proceeds will be used to fund capital expenditures including
construction of a new plant and equipment purchases, to expand
research and development efforts, to build out the international
sales network and for working capital and other general corporate
purposes including for possible strategic alliances. Maxim Group
LLC acted as the sole book runner and Chardan Capital Markets, LLC
acted as a co-manager of the offering. 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 Statements made in this
press release that are not historical fact are "forward-looking
statements," which are based on current expectations that include a
number of risks and uncertainties. Additional factors that could
potentially affect the Company's financial results may be found on
the Company's filings with the Securities and Exchange Commission (
http://www.sec.gov/ ). For more information, please contact: David
Ming He SORL Auto Parts, Inc. Tel: +86-577-6581-7720 Email:
Christopher Chu The Global Consulting Group Tel: +1-646-284-9426
Email: DATASOURCE: SORL Auto Parts, Inc. CONTACT: David Ming He of
SORL Auto Parts, Inc., +86-577-6581-7720, or ; or Christopher Chu
of The Global Consulting Group, +1-646-284-9426, or Web site:
http://www.chinaautomotivesystems.com/ http://www.sec.gov/
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