SORL Auto Parts, Inc. Awarded Major Contract in the Indian OEM Market
November 27 2007 - 6:00AM
PR Newswire (US)
-- Three New Overseas OEM and Aftermarket Contracts Expected to
Total Approximately $7 Million in Sales for 2007-2008 -- RUIAN
CITY, China, Nov. 27 /Xinhua-PRNewswire-FirstCall/ -- SORL Auto
Parts, Inc. (NasdaqGM: SORL) ("SORL" or the "Company"), a leading
manufacturer and distributor of commercial automotive air brake
valves and related components in China, today announced that it has
signed a product sales contract with a major Original Equipment
Manufacturer (OEM) in India. According to the contract, SORL will
supply air brake systems including relay valves, hand brake valves,
four circuit protection valves and spring brake chambers, all of
which have passed the 60,000-kilometer (or 37,282 mile) durability
test for the abovementioned Indian OEM's trucks. This new contract
marks the third overseas OEM customer win for SORL. Since June
2007, SORL has expanded aggressively in the overseas OEM market as
well as in the aftermarket. In addition to the Indian OEM announced
today, SORL signed a contract with a major trailer OEM in South
Africa and established aftermarket supply relations with a major
auto parts distributor in the United States (including spring brake
chambers, clutch boosters and air dryers). During the last 4
months, the cumulative sales to these three new customers totaled
approximately US$2 million. SORL is expecting to generate
approximately US$5 million in revenue from these three overseas
customers next year. Xiaoping Zhang, CEO of SORL, commented, "I am
very pleased with the success of our overseas marketing
initiatives. We continue to market our brand and products to major
overseas OEMs and aftermarket distributors to enhance our global
position in the auto parts industry. We expect overseas growth to
continue to boost our top and bottom lines going forward." 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 This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, among others, those
concerning our estimated sales and expected expansion of our
production capacity as well as all assumptions, expectations,
predictions, intentions or beliefs about future events. You are
cautioned that any such forward-looking statements are not
guarantees of future performance and that a number of risks and
uncertainties could cause actual results of the Company to differ
materially from those anticipated, expressed or implied in the
forward-looking statements. The words "believe," "expect,"
"anticipate," "project," "targets," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Risks and uncertainties that could cause actual results
to differ materially from those anticipated include risks related
to new and existing products, product defects and any related
product recall; any projections of sales, earnings, revenue,
margins or other financial items; any statements of the plans,
strategies and objectives of management for future operations; any
statements regarding future economic conditions or performance;
uncertainties related to conducting business in China; any
statements of belief or intention; any of the factors and risks
mentioned in the "Risk Factors" section of our Annual Report on
Form 10-K for the year ended December 31, 2006 and any subsequent
SEC filings. The Company assumes no obligation and does not intend
to update any forward-looking statements, except as required by
law. For further information, please contact: Richard (Weihai) Cai
Investor Relations Manager Tel: +86-577-6581-7721 Email: Kevin
Theiss Investor Relations The Global Consulting Group Tel:
+1-646-284-9409 Email: Stacy Dimakakos Media Relations The Global
Consulting Group Tel: +1-646-284-9417 Email: DATASOURCE: SORL Auto
Parts, Inc. CONTACT: Richard (Weihai) Cai, Investor Relations
Manager, +86-577-6581- 7721, or ; or Kevin Theiss, Investor
Relations of The Global Consulting Group, +1-646-284-9409, or ; or
Stacy Dimakakos, Media Relations of The Global Consulting Group,
+1-646-284-9417, or , both for SORL Auto Parts, Inc. Web Site:
http://www.sorl.cn/
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