ZHEJIANG, China, Jan. 12 /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, today announced that its subsidiary, Ruili Group Ruian Auto Parts Co., Ltd., has been awarded the Chinese government's "High-Tech Enterprise" designation. The High-Tech Enterprise certificate is valid for three years and provides for a reduced tax rate of 15% for years 2009 through 2011.
The High-Tech Enterprise evaluation is jointly conducted by the Ministry of Science and Technology, the Ministry of Finance and the Ministry of Taxation, and the designation is awarded to industry leaders with the most advanced technologies.
Mr. Xiaoping Zhang, SORL's CEO and Chairman, commented, "We are very pleased that SORL's technological innovations and our industry's leading technology have been recognized through this designation. We will leverage the government's support to further enhance our technology and competitiveness to reinforce our leading position in the Chinese commercial brake systems market."
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 .
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 Director of Investor Relations Tel: +86-577-6581-7721 Email: email@example.com Kevin Theiss Grayling Tel: +1-646-284-9409 Email: firstname.lastname@example.org
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