SORL Wins "Excellent Supplier" Awards from OEMs
Sorl Auto Parts, Inc. (MM) (NASDAQ:SORL)
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ZHEJIANG, China, Dec. 17, 2012 /PRNewswire-FirstCall/ -- SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or "the Company"), a leading supplier of brake and control systems to the global commercial vehicle industry, today announced the Company has received the "Excellent Supplier for the Military" award from the Shaanxi Heavy Duty Truck Co., Ltd. ("Shaanxi"), and the "Excellent Supplier" designation from both the Sichuan South Chun Auto Group Company Limited ("South Chun Group") and the Hubei Sanjiang Space Wanshan Special Vehicle Co., Ltd. ("Wanshan"), for its overall outstanding performance during the year of 2012.
Ms. Jinrui Yu, SORL's Chief Operating Officer, commented, "These awards highlight our success in providing advanced solutions to such important automotive companies as Shaanxi, South Chun Group and Wanshan, and in expanding our market share in a challenging environment. Through our superior research and development program, we continue to roll out innovative new products with improved performance, especially by adding electronic features, to solve our customers' evolving needs and to further enhance our market position as China's leading commercial vehicle air brake systems manufacturer. Our new products also better enable us to penetrate markets outside of China and to generate free cash flow to build shareholder value."
The Shaanxi Auto Group Co., Ltd. is headquartered in Xi'an, Shanxi Province, with total assets of RMB29.2 billion and 33,000 total employees. In 2011, Shaanxi Auto produced and sold 120,000 units of various vehicles, with sales revenue of RMB31 billion. Its heavy-duty truck sales volume reached 100,000 units and it exported 10,000 vehicles. Shaanxi is mainly engaged in the development, production and sales of commercial vehicles and auto parts, and it is the largest new energy commercial vehicle production enterprise with more than a 50 percent market share in natural gas heavy-duty trucks.
Sichuan South Chun Auto Group Company Ltd. is a major commercial vehicle manufacturer with total assets of RMB3 billion and more than 5,000 employees. Known for its high performance to price ratio and excellent quality, South Chun Group vehicles are exported to more than 10 countries in Asia and Africa. In 2011, South Chun Group produced and sold 73,800 units, and was ranked 19th and 15th in the national automotive industry and the national truck industry respectively.
Hubei Sanjiang Space Wanshan Special Vehicle Co., Ltd. is part of the China Sanjiang Space Group, a restructured company from the State-operated Wanshan Special Vehicle Factory. Wanshan owns a state-level special vehicle technical center and two subsidiaries: Sanjiang Walite Special Vehicle Co., Ltd. and Hubei Shuanglong Special Purpose Motor Vehicle Co., Ltd. The company is a vehicle and chassis manufacturing corporation. After 40 years of development, Wanshan is honored to be a member of the 500 Largest Mechanical Industry Enterprises in China, the top 500 Chinese Information Enterprises, the First-Class Enterprises in China, and the Hubei May First Labor Award Corporation, The Model Corporation in Hubei Province and the Hubei High and New Tech Enterprises Corporation. Wanshan has assets of approximately RMB1.1 billion.
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 2000 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. 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 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. 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.
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