SORL Auto Parts Receives Tax Refund
September 30 2009 - 4:01PM
PR Newswire (US)
ZHEJIANG, China, Sept. 30 /PRNewswire-Asia-FirstCall/ -- SORL Auto
Parts, Inc. (NASDAQ:SORL) ("SORL" or "The Company"), a leading
manufacturer and distributor of commercial vehicle air brake valves
as well as related auto parts in China, announced today that the
Company's subsidiary, Ruili Group Ruian Auto Parts Co., Ltd.
("Ruian Auto Parts"), has received its anticipated tax refund of
approximately $744,000 (RMB 5.1 million) for the fiscal year ended
December 31, 2008. In accordance with the Income Tax Law of the
People's Republic of China on Foreign-invested Enterprises and
Foreign Enterprises, the Joint Venture of Ruian Auto Parts is
eligible for additional preferential tax treatment. For the years
2007 and 2008, the Joint Venture was entitled to an income tax
exemption on all pre-tax income generated by the company above its
pre-tax income generated in the fiscal year ended December 31,
2006. Thereafter, the Joint Venture will enjoy a 50% exemption from
the applicable income tax rate of 25% on any pre-tax income above
its 2006 pre-tax income, to be recognized in the years 2009, 2010
and 2011. Xiaoping Zhang, SORL Auto Parts' CEO and Chairman, said,
"We are pleased to benefit from this tax exemption program. As we
reinvest the savings into our growth strategy, the tax savings for
this year, as well as those that will be recognized in the next two
years will enable us to maintain our leading position in China's
auto parts industry and continue to gain momentum for our future
growth, strengthen our technological innovations and build
shareholder value." 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 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/ . Safe Harbor Statement 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/ .
DATASOURCE: SORL Auto Parts, Inc. CONTACT: Ben Chen, Director of
Investor Relations of SORL Auto Parts, Inc., +86 577 6581 7721, ;
or in U.S., Brian M. Prenoveau, CFA, +1-203-682-8200, ; or in
China, Yuening Jiang, +86 10 6599 7965, , both of ICR, Inc. Web
site: http://www.sorl.cn/
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