ZHEJIANG, China, July 22, 2013 /PRNewswire/ -- SORL Auto
Parts, Inc. (NASDAQ: SORL) ("SORL" or "the Company"), a leading
manufacturer and distributor of automotive brake systems as well as
other key safety-related auto parts in China, today announced that it has engaged
MaloneBailey, LLP ("MaloneBailey") as the Company's new principal
independent registered accounting firm with immediate effect. The
appointment of MaloneBailey was made by the Company's Audit
Committee, acting on behalf of the Company's board of directors, on
July 18, 2013.
MaloneBailey is a full-service global public accounting firm
that provides accounting, audit and tax services, as well as
advisory services under the rules and regulations of the IRS, the
AICPA, the SEC, the PCAOB and the CPAB. Representing more than 150
publicly traded companies, MaloneBailey is one of only nine firms
world-wide that require an annual inspection by the PCAOB (Public
Company Accounting Oversight Board). The "INSIDE Public
Accounting" newsletter named MaloneBailey as an 2012 IPA
All-Star Firm.
In China, MaloneBailey employs
more than 20 accountants and auditors who possess the necessary
language, technical, and cultural expertise to provide services in
accounting, tax and audits in China and the United
States. The professionals employed by MaloneBailey in
China are educated and trained in
the United States and are familiar
with the U.S. Generally Accepted Accounting Principles (GAAP) and
U.S. Generally Accepted Auditing Standards (GAAS). MaloneBailey's
China offices are located in
Beijing and Shenzhen. Additionally, as a member of Nexia
International, a worldwide network of independent, high quality
accounting and consulting firms with 590 offices in over 100
countries, MaloneBailey collaborates with its Nexia business
partners to provide high-quality services incorporating
MaloneBailey's expertise in local regulations, customs and culture.
Ms. Jinrui Yu, SORL's Chief
Operating Officer, commented, "MaloneBailey's professionals and its
well-known experience in China as well as its focus on manufacturing
and technology industries, make it well qualified to become our
principal independent registered accounting firm."
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. is the
market leader for commercial vehicles brake systems, such as trucks
and buses in China. The Company
distributes products both within China and internationally under the SORL
trademark. SORL is listed among the top 100 auto component
suppliers in China, with a product
range that includes 65 categories with over 2,000 specifications in
brake systems and others. The Company has four authorized
international sales centers in UAE, India, the United
States and Europe. SORL is
working to establish a broader global sales network. 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 within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects,"
"intends," "plans," "seeks," "estimates," "may," "will," "should"
or similar expressions. These forward-looking statements may also
include statements about the Company's proposed discussions related
to its business or growth strategy, which are subject to change.
Such information is based upon expectations of the Company's
management that were reasonable when made, but may prove to be
incorrect. All of such assumptions are inherently subject to
uncertainties and contingencies beyond the Company's control and
upon assumptions with respect to future business decisions, which
are subject to change. The Company does not undertake to update the
forward-looking statements contained in this press release. These
risks and uncertainties may include, but are not limited to general
political, economic and business conditions which may impact the
demand for commercial vehicles or passenger vehicles in
China and the other significant
markets where the Company's products are sold, uncertainty
regarding such political, economic and business conditions, trends
in consumer debt levels and bad debt write-offs, general
uncertainty related to possible recessions, natural disasters, the
political stability of China and
the impact of any of those events on demand for commercial or
passenger vehicles, changes in consumer confidence, new product
development and introduction, competitive products and pricing,
seasonality, availability of alternative sources of supply in the
case of the loss of any significant supplier or any supplier's
inability to fulfill the Company's orders, cost of labor and raw
materials, the loss of or curtailed sales to significant customers,
the Company's dependence on key employees and officers, the ability
to secure and protect trademarks, patents and other intellectual
property rights, potential effects of competition in the Company's
business, the dependency of the Company upon the normal operation
of its sole manufacturing facility, potential effect of the
economic and currency instability in China and countries to which the Company sold
its products, the ability of the Company to successfully manage its
expenses on a continuing basis, the continued availability to the
Company of financing and credit on favorable terms, business
disruptions, disease, general risks associated with doing business
in China or other countries
including, without limitation, foreign trade policies, import
duties, tariffs, quotas, political and economic stability, and the
other factors discussed in the Company's Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission. For
additional information regarding known material factors that could
cause the Company's results to differ from its projected results,
please see its filings with the SEC, including its Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. 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.
Contact Information
Raymond Lin
+86 139 6777 6556
+86 577 6581 7721
Email: ljf@sorl.com.cn
Phyllis Huang
+86 151 6770 5972
+86 577 6581 7721
Email: Phyllis@sorl.com.cn
Kevin Theiss
Grayling
+1 646 284 9409
Email: kevin.theiss@grayling.com
SOURCE SORL Auto Parts, Inc.