Sorl Auto Parts, Inc. (NASDAQ:SORL)
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1 Year : From Jul 2018 to Jul 2019
ZHEJIANG, China, Sept. 17, 2018 /PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, today announced it was selected by China Custom to enter into the "Longteng Intellectual Property Protection Program" ("Longteng Program").
Started in 2017, the Longteng Program is the Chinese government's initiative to protect the intellectual properties of the leading Chinese companies against domestic Chinese copycats. China Custom leads the enforcement to oversee a wide array of products that have infringed intellectual properties and to stop them from shipping to international destinations. China Custom in Hangzhou has shortlisted 26 manufacturing companies ranging from home appliances to machinery for its submission into the Longteng Program. SORL is the only auto parts producer from the Wenzhou area selected by the Longteng Program. Since its inception, the Longteng Program has completed over 250 investigations and detained millions of illegal products.
"International markets are a vital part of our business. We are investing more into R&D to strengthen our core competences. We were recently awarded a patent, number EP 2787199 B1, for an exhaust brake valve for automobiles from the European Patent Office, which will help improve SORL's development within the European markets and it has already been introduced into the European automotive markets," Mr. Xiaoping Zhang, SORL's Chief Executive Officer and Chairman commented.
Mr. Zhang further stated, "As a leader in braking systems and components in China, we are committed to developing our intellectual properties and brand name. SORL has registered its brand with Madrid -- The International Trademark System and won many awards at the municipal, provincial and national levels in China. We currently hold over 600 patents. This is the reason why we have been selected by Longteng Program."
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. is the market leader for commercial vehicles brake systems, such as trucks and buses in China. 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 systems and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. 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 within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "anticipates," "believes," "targets," "goals," "projects," "intends," "plans," "seeks," "estimates," "may," "will," "should" or similar expressions. For example, when the Company describes the evaluation of the preliminary non-binding proposal letter, it is using forward-looking statements. These forward-looking statements may also include statements about the Company's proposed discussions related to its business or growth strategy, which are subject to change. Such information is based upon expectations of the Company's management that were reasonable when made, but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond the Company's control and upon assumptions with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this press release. These risks and uncertainties may include, but are not limited to general political, economic and business conditions which may impact the demand for commercial vehicles or passenger vehicles in China and the other significant markets where the Company's products are sold, uncertainty regarding such political, economic and business conditions, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible recessions, natural disasters, the political stability of China and the impact of any of those events on demand for commercial or passenger vehicles, changes in consumer confidence, new product development and introduction, competitive products and pricing, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier's inability to fulfill the Company's orders, cost of labor and raw materials, the loss of or curtailed sales to significant customers, the Company's dependence on key employees and officers, the ability to secure and protect trademarks, patents and other intellectual property rights, potential effects of competition in the Company's business, the dependency of the Company upon the normal operation of its sole manufacturing facility, potential effect of the economic and currency instability in China and countries to which the Company sold its products, the ability of the Company to successfully manage its expenses on a continuing basis, the continued availability to the Company of financing and credit on favorable terms, business disruptions, disease, general risks associated with doing business in China or other countries including, without limitation, foreign trade policies, import duties, tariffs, quotas, political and economic stability, and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. For additional information regarding known material factors that could cause the Company's results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. 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.
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SOURCE SORL Auto Parts, Inc.