SORL Auto Parts, Inc. to Raise Approximately $10 Million in Registered Direct Offering
04 Février 2010 - 12:28PM
PR Newswire (US)
ZHEJIANG, China, Feb. 4 /PRNewswire-Asia-FirstCall/ -- SORL Auto
Parts, Inc. (NASDAQ:SORL) ("SORL" or "the Company"), a leading
manufacturer and distributor of commercial vehicle air brake
systems as well as related auto parts in China, announced today
that it has entered into definitive agreements to sell 1,000,000
shares of its common stock to select institutional investors at a
price per share of $10.00 pursuant to a registered direct offering.
This transaction will represent gross proceeds of approximately $10
million. The shares are being sold under the Company's previously
filed shelf registration statement, which was declared effective by
the U.S. Securities and Exchange Commission ("SEC") on January 14,
2010. The offering is scheduled to close on February 8, 2010 and is
subject to certain conditions. The Company intends to use all of
the net proceeds for general corporate and working capital
purposes. Rodman & Renshaw, LLC, a wholly owned subsidiary of
Rodman & Renshaw Capital Group, Inc. (NASDAQ:RODM), acted as
the placement agent for the transaction. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy any securities of the Company and there shall not be any sale
of any such securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or
jurisdiction. Copies of the preliminary prospectus supplement and
the accompanying prospectus and, when available, will be available
on the SEC's website, http://www.sec.gov/ , and by contacting
Rodman & Renshaw LLC, at 1251 Avenue of the Americas, 20th
Floor, New York, NY 10020, or by telephone at (212) 430-1710. About
SORL Auto Parts, Inc. 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 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/ . 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:
At SORL Auto Parts, Inc. - Ben Chen, Corporate Secretary, Director
of Investor Relations, +86-577-6581-7721, or ; Kevin Theiss of
Grayling, +1-646-284-9409, or Web site: http://www.sorl.cn/
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