SORL Retains Jefferies As Lead Financial Advisor
February 28 2008 - 6:46AM
PR Newswire (US)
-- Focus on Industry Consolidation and International Expansion --
ZHEJIANG, China, Feb. 28 /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 retained Jefferies &
Company, Inc., the principal operating subsidiary of the Jefferies
Group (NYSE:JEF), as its lead financial advisor for mergers and
acquisitions related to potential consolidation opportunities in
the automotive parts industry and further penetration of
international markets in the future. Xiaoping Zhang, SORL Auto
Parts' Chairman and CEO, said, "We are delighted to have Jefferies
as our advisor to assist our expansion in the auto parts market and
the fast-growing export market. Jefferies has a long history of
assisting growing companies like ours' with their M&A,
research, trading and investment banking expertise. With Jefferies'
assistance, we are looking forward to enhancing shareholder value."
"As the recent snow storm hit a vast area of central and east
China, highway transportation became a key asset in such severe
weather. As a major safety-related truck component provider in
China, we believe that we are very well positioned to capture
additional market opportunities," Mr. Zhang concluded. For the
first nine months of 2007, SORL posted total revenue growth of 37%
to US$83.3 million compared with the same period last year, and net
income grew 45% to US$8.3 million, with fully diluted EPS of
US$0.45. The Company is planning to report the fourth quarter and
fiscal year 2007 earning results in the last week of March. 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: Richard Cai SORL Auto
Parts, Inc. Tel: +86-577-6581-7720 Email: Kevin Theiss The Global
Consulting Group Tel: +1-646-284-9409 Email: DATASOURCE: SORL Auto
Parts, Inc. CONTACT: Richard Cai of SORL Auto Parts, Inc.,
+86-577-6581-7720, or ; or Kevin Theiss of The Global Consulting
Group, +1- 646-284-9409, or , for SORL Auto Parts, Inc. Web Site:
http://www.sorl.cn/ http://www.sec.gov/
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