SORL Auto Parts Announces New Agreements in the Agricultural Vehicle and Alternative Energy Vehicle Markets
19 Janvier 2010 - 12:45PM
PR Newswire (US)
ZHEJIANG, China, Jan. 19 /PRNewswire-Asia-FirstCall/ -- SORL Auto
Parts Inc. (NASDAQ:SORL) ("SORL" or "the Company"), a leading
manufacturer and distributor of commercial vehicle brake systems as
well as related auto parts in China, today announced that the
Company has entered into two new agreements to better penetrate the
agricultural, light truck and alternative energy vehicle segments
in China. SORL's management has reached a preliminary agreement to
form a strategic alliance with the Shandong Shifeng Group.
According to the framework agreement, Shandong Shifeng Group
intends to increase its purchases of brake systems and related
products from SORL during 2010. Furthermore, Shandong Shifeng plans
to implement new joint product development programs with SORL to
enhance Shifeng's agricultural vehicles and light truck production.
Shandong Shifeng Group is one of the largest agricultural vehicle
and light-duty truck producers in China. Its main products include
tri-wheel agricultural vehicles and light trucks. In response to
the fast growth in the Chinese agricultural market, in 2006,
Shandong Shifeng Group established Agricultural Equipment Co. Ltd.
to focus on the development and manufacture of agricultural
vehicles. Shifeng Chairman Mr. Yifa Liu, and General Manager Mr.
Chengqiang Liu have visited SORL a number of times and Shifeng is
currently a customer of SORL. In addition to the agricultural
vehicle market, SORL has also made progress in the alternative
energy passenger vehicle market. SORL recently signed a joint
development and multi-year supply agreement with Shenzhen
Wuzhoulong Motors Co. Ltd. to supply clutch cylinders. Shenzhen
Wuzhoulong is one of the leading alternative energy bus
manufacturers in China. The "Wuzhoulong" brand coach bus has over
150 vehicle models that are between 6-18 meters in length and
powered by either diesel engines or hybrid engines. The Wuzhoulong
brand bus has been designated as the main alternative energy bus
for the upcoming Guangzhou Asian Games. Mr. Xiaoping Zhao, SORL
Chairman and CEO, commented, "Our progress with the Shandong
Shifeng Group and the multi-year supply agreement with Shenzhen
Wuzhoulong are good testimonials of the wide application of SORL's
brake products. These developments are the best acknowledgements of
the quality and technological innovation of our products. We will
continue to reinforce our research and development and
technological innovation to bring to our customers new products
that meet their technical requirements and high-quality standard.
Meanwhile, we will continue to strengthen our sales team to further
pursue other opportunities in these new market segments." About
SORL As China's leading manufacturer and distributor of automotive
air brake systems and other related auto parts, 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 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/ . For more
information, please contact: At SORL Auto Parts, Inc. Ben Chen
Corporate Secretary Director of Investor Relations Tel:
+86-577-6581-7721 Email: Kevin Theiss Grayling Tel: +1-646-284-9409
Email: DATASOURCE: SORL Auto Parts Inc. CONTACT: Ben Chen,
Corporate Secretary, Director of Investor Relations, SORL Auto
Parts, Inc., +86-577-6581-7721, ; Kevin Theiss, Grayling,
+1-646-284-9409, Web site: http://www.sorl.cn/
Copyright
SORL Auto Parts (NASDAQ:SORL)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
SORL Auto Parts (NASDAQ:SORL)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
Real-Time news about SORL Auto Parts Inc (NASDAQ): 0 recent articles
Plus d'articles sur Sorl Auto Parts (MM)