SORL Auto Parts Special Committee Retains Financial and Legal Advisors
A leading producer and distributor of automobile brake structures in addition to other key safety-related auto components in China, nowadays introduced that, on July 1, 2019, the Special Committee of impartial administrators of the Company has engaged Duff & Phelps, LLC as its impartial economic advisor and engaged Gibson, Dunn & Crutcher LLP Beijing Representative Office (USA) as its impartial felony suggest on June 18, 2019.
In May, in response to a preliminary non-binding proposal letter (the “Proposal”), dated April 25, 2019, from Mr. Xiaoping Zhang, the Chairman and Chief Executive Officer of the Company, Ms. Shuping Chi and Mr. Xiaofeng Zhang, administrators of the Company, and Ruili Group Co., Ltd. To gather all of the wonderful shares of the Company now not owned via them or their associates, the Company improved the scale of its board of administrators (the “Board”) from seven (7) to nine (nine) and appointed Mr. Xiao Lin and Mr. Binghua Feng as unbiased directors to fill newly created vacancies. Thereafter, the Board formed a special committee of independent administrators which include Mr. Xiao Lin and Mr. Binghua Feng to review, examine and negotiate the Proposal and any opportunity thereto and to make advice with admire to the Proposal and any opportunity thereto.
The Company cautions its shareholders and others considering trading in its securities that neither the Special Committee nor the Board has set a definitive timetable for the crowning glory of its assessment of the Proposal or to make any selection with appreciate to the Company’s reaction to the Proposal. There may be no assurance that any definitive offer will be made, that any agreement might be accomplished or that the Proposal or any other transaction might be accredited or consummated.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and manipulate systems to the commercial vehicle industry, SORL Auto Parts, Inc. Is the marketplace chief for commercial cars brake systems, which includes vans and buses in China. The Company distributes merchandise both inside China and the world over below the SORL trademark. SORL is listed a few of the top a hundred auto aspect suppliers in China, with a product range that includes 65 categories with over 2000 specs in brake systems and others. The Company has 4 authorized global income centers in UAE, India, the US, and Europe. SORL is working to set up a broader global income network. For greater records
This press release may also consist of certain statements that are not descriptions of historical facts, however, are forward-searching statements within the which mean of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified via using forward-looking terminology consisting of “expects,” “anticipates,” “believes,” “targets,” “dreams,” “initiatives,” “intends,” “plans,” “seeks,” “estimates,” “might also,” “will,” “have to” or comparable expressions. For instance, when the Company describes the evaluation of the preliminary non-binding notion letter, it’s far the usage of ahead-looking statements. These ahead-searching statements might also include statements approximately the Company’s proposed discussions associated with its enterprise or boom approach, which are issue to alternate. Such facts are based upon expectancies of the Company’s control that were affordable while made, but may also prove to be incorrect. All of such assumptions are
inherently subject to uncertainties and contingencies beyond the Company’s manipulate and upon assumptions with admire to destiny business selections, which might be a situation to exchange. The Company does now not adapt to update the ahead-looking statements contained in this press launch. These dangers and uncertainties may additionally include, but aren’t restricted to standard political, economic and business conditions which might also impact the call for for business automobiles or passenger motors in China and the other great markets in which the Company’s products are sold, uncertainty regarding such political, financial and commercial enterprise
conditions, trends in purchaser debt stages and horrific debt write-offs, trendy uncertainty related to possible recessions, herbal failures, the political balance of China and the effect of any of those events on demand for business or passenger automobiles, adjustments in patron self belief, new product development and creation, aggressive merchandise and pricing, seasonality, availability of opportunity sources of deliver inside the case of the loss of any sizeable dealer or any dealer’s incapability to satisfy the Company’s orders, cost of labor and uncooked materials, the lack of or curtailed sales to massive clients, the Company’s dependence on key personnel and officers, the capability to at ease and defend trademarks, patents and other highbrow property rights, capacity outcomes of competition in the Company’s commercial enterprise, the dependency of the Company upon the normal operation of its sole production facility, capability impact of the financial and foreign money instability in China and countries to which the Company offered its products, the capacity of the Company to efficaciously control its fees on a persevering with foundation, the continuing availability to the Company of financing and credit score on favorable terms, commercial enterprise disruptions, ailment, wellknown risks
related to doing enterprise in China or different countries which include, without obstacle, overseas trade regulations, import responsibilities, price lists, quotas, political and monetary stability, and the opposite elements mentioned within the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. For additional facts concerning recognized cloth elements that might cause the Company’s effects to vary from its projected effects, please see its filings with the SEC, consisting of 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 statistics collecting analysis retrieval device