SORL Enters into Product Development Agreement With China's Largest Commercial Vehicle manufacturer
ZHEJIANG, China, Sept. 13, 2011 /PRNewswire-Asia-FirstCall/ -- SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or "the Company"), a global tier one supplier of brake and control systems to the commercial vehicle industry, announced today that the Company has entered into a product development agreement with China National Heavy Duty Truck Group Co., Ltd. ("CNHTC"), the largest Chinese commercial vehicle manufacturer. SORL will supply braking valves and components to be fitted on light-duty vehicles.
SORL has been a supplier to CNHTC since 1997 and this new agreement is a result of SORL's past performance, recognized capability for product innovation and its high-quality standards. According to the agreement, SORL will develop braking valves and components fitted for light-duty vehicles, including brake chambers, air dryers, hand brakes, foot brakes and relay valves.
The Company expects that sales to CNHTC will reach 15 million RMB in 2012.
Ms. Jinrui Yu, Production & Export Vice President, commented, "We are honored and pleased to be selected again as CNHTC's partner to penetrate deeper into the light-duty vehicle market. Our further cooperation with CNHTC is a result of our innovativeness and consistent high-quality production. We will continue to respond to potential market opportunities, support our many customers, and provide cost-effective, adaptable and leading braking products."
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. ranked No. 1 for market share in the segment for commercial vehicles brake system, such as trucks and buses. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake system and others. The Company has three authorized international sales centers in UAE, India, and the United States. SORL is working to establish a broader global sales network. 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.
SOURCE SORL Auto Parts, Inc.
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