Sorl Auto Parts Inc - Current report filing (8-K)
03 Octobre 2007 - 7:17PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date
of Report: October 3, 2007
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Date
of Earliest Event Reported: September 28,
2007
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SORL
Auto Parts, Inc.
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(Exact
name of registrant as specified in its charter)
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Delaware
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000-11991
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30-0091294
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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No. 1169
Yumeng Road
Ruian
Economic Development District
Ruian
City, Zhejiang Province
People’s
Republic of China
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(Address
of principal executive offices)
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Registrant’s
telephone number, including area code:
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86-577-6581-7720
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N/A
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(Former
name or former address, if changed since last report)
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions (See General Instruction A.2 below):
¨
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM
2.01
Completion
of Acquisition or Disposition of Assets
On
September 28, 2007, Ruili Group Ruian Auto Parts Co. Ltd. (the “
Subsidiary
”),
a
subsidiary of SORL Auto Parts, Inc., a Delaware corporation (the “
Company
”),
purchased land rights, a manufacturing plant, and an office building from Ruili
Group Co. Ltd. (“
Ruili
Group
”)
for an aggregate purchase price of approximately US$20 million. DTZ
Debenham Tie Leung Ltd., an internationally recognized appraiser, appraised
the
total asset value at US$20.3 million. The purchase price will be paid by the
Company by transferring to Ruili Group the Company’s $9 million investment in an
existing project that includes a new-facility-in-progress and prepayment of
land
use rights, with the balance of $11 million to be paid by the end of October
2007 from the Company's existing bank credit line. Ruili Group owns 10% of
the
Subsidiary, and was founded by Messrs. Xiao Ping Zhang and Xiao Feng Zhang,
who
currently serve as senior executives and members of the Board of Directors
of
the Company, and who continue to be principal stockholders and employees of
Ruili Group. The Ruili Group also provides certain services to the Company
in
the form of bank guaranties, licensing of certain technology.
Item
7.01 Regulation FD Disclosure
The
aforementioned aquisition was publicly announced by a press release issued
on
October 1, 2007, a copy of which is attached hereto as Exhibit 99.1. The
information in this Item 7.01 and Exhibits 99.1 shall not be deemed “filed ” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
“
Exchange
Act
”),
nor
shall they be deemed incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Exchange Act.
ITEM
9.01
Financial
Statements and Exhibits.
(a)
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Financial
Statements of Businesses Acquired
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(b)
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Pro
Forma Financial Information
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Any
Financial Statements or Financial Information required pursuant to this Item
will be filed by amendment.
(c)
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Shell
Company Transactions
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None.
There
are
filed as part of this report the exhibits listed on the accompanying Index
to
Exhibits, which is incorporated herein by reference.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this Report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SORL Auto Parts, Inc.
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Date:
October 3,
2007
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By:
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/s/
Xiao Ping Zhang
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Xiao
Ping Zhang, Chief Executive Officer
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EXHIBIT
INDEX
Exhibit
No.
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Description
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99.1
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Press
release issued on October 1, 2007
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