Vice-premier of China's State Council, Li Keqiang Visited SORL Auto Parts
11 Juillet 2008 - 5:42PM
PR Newswire (US)
Encourages companies to adjust to the changing economic environment
and look for growth opportunities ZHEJIANG, China, July 11
/Xinhua-PRNewswire-FirstCall/ -- SORL Auto Parts, Inc.
(NASDAQ:SORL), a leading manufacturer and distributor of commercial
vehicle air brake valves and other auto parts in China, announced
that Mr. Li Keqiang, Vice-premier of China's State Council, visited
SORL Auto Parts on July 7, 2008 in order to gain a better
understanding as to how SORL is addressing the challenges of the
current economic environment. Mr. Li was accompanied by Mr. Zhao
Hongzhu, Secretary of the CPC's Zhejiang Provincial Committee, Mr.
Lu Zushan, Governor of Zhejiang Province, and other provincial and
city government officials. The officials held discussions with SORL
senior management in order to exchange ideas as to how Chinese
companies can adapt to the current economic conditions. Zhang
Xiaoping, CEO of SORL Auto Parts, commented, "We are honored to
have these distinguished government leaders visit SORL and express
their concern and support for our Company. Since the latter half of
last year, our economy has seen quite a few changes, including the
appreciation the Chinese currency, rising raw material and labor
costs, and adjustments in China's tax refund policy for exports.
These changes have created considerable pressure on Chinese
companies as they seek to grow. At SORL our goal has been to react
to these changes in a way that allows us to continue to grow
regardless of the economic or regulatory environment. We have
continued to expand our business both domestically and overseas. We
have utilized process improvements and technical enhancements to
increase our overall labor and manufacturing productivity. As a
result, in the fourth quarter of 2007 and the first quarter of
2008, our gross margin and net margin both improved. We expect this
positive trend to continue in the second quarter of 2008." Zhang
Xiaoping, CEO of SORL Auto Parts, continued, "With respect to our
long term goals, we will continue to increase our investment in the
development of new products. We are also exploring potential
partnership opportunities that will enable us to leverage our low
cost sourcing and manufacturing ability, further expand our
overseas sales network, improve our technical capability, and
eventually enhance SORL's overall competitiveness in the global
international markets." Vice-premier Li Keqiang noted that he was
impressed with SORL's sample display room, new product testing
laboratory, and highly computerized manufacturing plant.
Vice-premier Li further commented, "The fundamentals of the economy
remain strong and growth is on track. China has abundant natural
resources, a substantial domestic market, and a strong competitive
advantage in the global economy. We are confident that China will
be able to continue to grow rapidly in the years to come." 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 1000 different specifications.
The Company has four authorized international sales centers in
Australia, United Arab Emirates, India, 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 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 our
proposed discussions related to our business or growth strategy,
which is subject to change. Such information is based upon
expectations of our management that were reasonable when made but
may prove to be incorrect. All of such assumptions are inherently
subject to uncertainties and contingencies beyond our control and
upon assumptions with respect to future business decisions, which
are subject to change. We do not undertake to update the
forward-looking statements contained in this press release. For a
description of the risks and uncertainties that may cause actual
results to differ from the forward-looking statements contained in
this press release, see our most recent Annual Report filed with
the Securities and Exchange Commission (SEC) on Form 10-K, and our
subsequent SEC filings. 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/ . DATASOURCE: SORL
Auto Parts, Inc. CONTACT: Richard Cai, Director of Investor
Relations of SORL Auto Parts, Inc., +86-577-6581-7720, or ; Or Dan
Joseph, +86-21- 6122-1077, or ; Or Bill Zima, +1-203-682-8200, or ,
both of ICR, Inc. for SORL Auto Parts, Inc.
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