SORL Increases Capital Investment in Operating Subsidiary
December 14 2006 - 6:00AM
PR Newswire (US)
ZHEJIANG, China, Dec. 14 /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 announced that it has invested a further USD$25.92
million in its operating subsidiary Ruili Group Ruian Auto Parts,
Inc. To maintain its 10% shareholding in Ruili Group Ruian Auto
Parts, Inc., the Ruili Group has increased its capital investment
by USD$2.88 million. SORL Auto Parts, Inc. continues to hold a 90%
controlling interest in the operating subsidiary. As a result of
the increased investment made by both SORL Auto Parts, Inc. and the
Ruili Group, the total registered capital of Ruili Group Ruian Auto
Parts, Inc. will increase from USD$7.1 million to USD$35.9 million.
The capital investments will be used to fund capital expenditures,
including the construction of a new plant, equipment purchases,
research and development efforts, the further development of the
company's international sales network and for working capital and
other general corporate purposes including possible strategic
alliances. Mr. Xiaoping Zhang, Chairman and CEO of Ruili Group
Ruian Auto Parts, Inc, commented, "The arrival of this new capital
will allow us to broaden our product offerings and expand our
production capacity. Our goal is to strengthen the fundamentals of
the company and further enhance shareholder value. With the 2008
Beijing Olympics ahead and an accelerating global purchasing trend,
we are upbeat about the future outlook for our business." 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/
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