ZHEJIANG, China, Dec. 1 /Xinhua-PRNewswire/ -- SORL Auto Parts, Inc. , a leading manufacturer and distributor of commercial vehicle air brake valves as well as other auto parts in China, completed its follow-on public offering of 4,285,714 shares of common stock at $7.25 per share on November 30, 2006. Gross proceeds were approximately $31,071,000. Net proceeds after underwriters' commissions and the non-accountable expense allowance and related offering expenses were approximately $27,748,000.
The net proceeds will be used to fund capital expenditures including construction of a new plant and equipment purchases, to expand research and development efforts, to build out the international sales network and for working capital and other general corporate purposes including for possible strategic alliances.
Maxim Group LLC acted as the sole book runner and Chardan Capital Markets, LLC acted as a co-manager of the public offering. Copies of the final prospectus relating to the public offering may be obtained from Maxim Group LLC. at 405 Lexington Ave., New York, New York 10174.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of SORL Auto Parts, Inc.'s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About SORL Auto Parts, Inc.
As China's leading manufacturer and distributor of automotive air brake valves, 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 800 different specifications. The Company has three authorized international sales centers in Australia, United Arab Emirates, 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
Statements made in this press release that are not historical fact are "forward-looking statements," which are based on current expectations that include a number of risks and uncertainties. Additional factors that could potentially affect the Company's financial results may be found on the Company's filings with the Securities and Exchange Commission (http://www.sec.gov/).
