HUBEI, China, March 28, 2011 /PRNewswire-Asia-FirstCall/ -- China Automotive Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), the largest power steering components and systems supplier in China, today announced that on March 24th, Vice Premier of the People's Republic of China, Mr. Dejiang Zhang, toured China Automotive Systems, Inc. along with the Vice Governor of Hubei Province, Mr. Lunyi Duan, Municipal Party Secretary of Jingzhou City, Mr. Daiming Ying, and Company CEO, Mr. Qizhou Wu.
CEO Mr. Wu shared the Company's history and recent developments, commenting, "Since the Company was founded in 1993, CAAS has grown rapidly over the years to become the largest domestic automotive steering systems supplier through independent research and technical innovation. CAAS transformed the Chinese automotive industry from reliance on imported safety-related steering products and today the Company also exports to the United States, another leading global automotive market."
Vice Premier Mr. Zhang fully acknowledged CAAS's achievements and expressed his full confidence in the Company's future. "The development of our human resources is crucial for future corporate development. CAAS should continue to strive to be a model of technological innovation for small- to medium-sized companies in China," Mr. Zhang stated.
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through nine Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 2.5 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. For more information, please visit: http://www.caasauto.com
Forward Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report, dated March 25, 2010, filed with the Securities and Exchange Commission, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. These potential risks and uncertainties include, among other things, the outcome and results of the Company's review, the risk that the final conclusion of the review could result in a determination that the effect of the issues under review are materially greater or lesser than the Company currently believes to be the case, the risk that these matters could adversely affect the Company's ability to make timely filings with the Securities and Exchange Commission, additional issues that may arise in connection with the ongoing review, risks of damage to the Company's business and reputation arising from these matters, potential claims or proceedings relating to such matters, including stockholder, employee and customer litigation and/or claims and action by the SEC and/or other governmental agencies, and the additional risk factors described in our filings with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
SOURCE China Automotive Systems, Inc.