SORL Auto Parts Announces Supplier Development Agreement with China's Leading Agricultural Vehicle Maker Shi Feng Group
June 24 2008 - 7:00AM
PR Newswire (US)
ZHEJIANG, China, June 24 /Xinhua-PRNewswire-FirstCall/ -- SORL Auto
Parts, Inc. (NASDAQ:SORL), a leading manufacturer and distributor
of commercial vehicle air brake valves and related auto parts in
China, announced today that it has entered into a supplier
development agreement with the Shi Feng Group, China's largest
agricultural vehicle manufacturer. The agreement initially covers
14 categories of products to be supplied by SORL to Shi Feng for
use in various agricultural vehicles. Under the agreement, upon
successful completion of product testing, Shi Feng and SORL will
immediately enter into definitive purchase agreements whereby SORL
will provide components for use in Shi Feng produced vehicles. "We
are very pleased to have reached this agreement after very
productive and cooperative discussions between Liu Yifa, CEO of Shi
Feng, and myself," commented Zhang Xiaoping, CEO of SORL Auto
Parts. "This agreement is another important step in our strategic
initiative to broaden the market for our products. We already have
a leading position in brake valve systems for trucks. Two years ago
we began to develop the bus market and now have supplier
relationships with more than ten major bus manufacturers in China.
Shi Feng is our first major agricultural vehicle customer. As Shi
Feng is the largest OEM in the agricultural sector, we are
particularly pleased to have initiated this relationship and look
forward to having a long-term, close cooperative relationship with
this leading Chinese vehicle manufacturer. We also look forward to
expanding our business in this highly attractive market segment."
Shi Feng manufactures various types of agricultural vehicles
including tractors and light trucks used primarily for agricultural
purposes. China has the largest agricultural sector in the world.
Consistent with China's overall development, the Chinese government
has made farm mechanization a top priority. This trend toward
mechanization, driven by both general economic development and
governmental support, is expected to sustain continued high growth
in the agricultural vehicle market well into the future. 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 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
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/ . For more information please contact: Richard
Cai Director of Investor Relations SORL Auto Parts, Inc. Tel:
+86-577-6581-7720 Email: Dan Joseph ICR, Inc. Tel: +86-21-6122-1077
Email: Bill Zima ICR, Inc. Tel: +1-203-682-8200 Email: DATASOURCE:
SORL Auto Parts, Inc. CONTACT: Richard Cai, Director of Investor
Relations of SORL Auto Parts, Inc., +86-577-6581-7720, or ; or Dan
Joseph of ICR, Inc., +86-21-6122-1077, or ; or Bill Zima of ICR,
Inc., +1-203-682-8200, or Web site: http://www.sorl.cn/
Copyright
SORL Auto Parts (NASDAQ:SORL)
Historical Stock Chart
From Jun 2024 to Jul 2024
SORL Auto Parts (NASDAQ:SORL)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about SORL Auto Parts Inc (NASDAQ): 0 recent articles
More Sorl Auto Parts (MM) News Articles