HANGZHOU, China, June 4 /Xinhua-PRNewswire-FirstCall/ -- Equicap, Inc. (also called "Usunco Automotive") (BULLETIN BOARD: EQPI.OB) announced today that its operating subsidiary, Zhejiang ZhongChai Machinery Co., Ltd. completed the first commercial shipment of its diesel engine products on June 2, 2007, to a leading forklift producer in China. The diesel engines will be installed in the forklifts produced by the forklift producer.
"We are very happy to see that ZhongChai Machinery has achieved implementation of its distribution platform in China," said by Mr. Peter Wang, Chairman and President of Equicap, Inc. "This shipment is an important milestone for the company since its funding in April 2007," Mr. Wang continued. Finally, Mr. Wang commented that the next step is for ZhongChai Machinery to add more customers into its distribution channel and penetrate its market fully.
Usunco Automotive
Usunco Automotive is a developer and distributor of components for the industrial and farm equipment market, and of automotive parts from suppliers in the People's Republic of China to customers in China, North America and other regions. Usunco owns 100% of the equity interest of IBC Automotive Products, Inc., the North American arm of Usunco, and 75% of the equity interest of Zhejiang ZhongChai Machinery Co., Ltd., which serves as the Chinese arm of Usunco business.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of Equicap, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by the company. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
