SORL Auto Parts Announces the Completion of Its Follow-On Public Offering
01 Décembre 2006 - 11:21PM
PR Newswire (US)
ZHEJIANG, China, Dec. 1 /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, completed its follow-on public offering of 4,285,714 shares
of common stock at $7.25 per share on November 30, 2006. Gross
proceeds were approximately $31,071,000. Net proceeds after
underwriters' commissions and the non-accountable expense allowance
and related offering expenses were approximately $27,748,000. The
net proceeds will be used to fund capital expenditures including
construction of a new plant and equipment purchases, to expand
research and development efforts, to build out the international
sales network and for working capital and other general corporate
purposes including for possible strategic alliances. Maxim Group
LLC acted as the sole book runner and Chardan Capital Markets, LLC
acted as a co-manager of the public offering. Copies of the final
prospectus relating to the public offering may be obtained from
Maxim Group LLC. at 405 Lexington Ave., New York, New York 10174.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any shares of SORL Auto Parts,
Inc.'s common stock, nor shall there be any sale of these
securities in any jurisdiction in which such an offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
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/).
DATASOURCE: SORL Auto Parts, Inc. CONTACT: David Ming He of SORL
Auto Parts, Inc., +86-577-6581-7720, ; or Christopher Chu of The
Global Consulting Group, +1-646-284-9426, , for SORL Auto Parts,
Inc. Web site: http://www.sorl.cn/
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