SORL Auto Parts Completes $31 Million Follow-On Offering at $7.25 Per Share

ZHEJIANG, China, Nov. 27 /Xinhua-PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ:SORL), a leading manufacturer and distributor of commercial vehicle air brake valves as well as other auto parts in China, today priced its follow-on offering of 4,285,714 shares at $7.25 per share.  Net proceeds after underwriters' commissions and non-accountable will be approximately $28.352 million.

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 offering.

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/ ).

  For more information, please contact:

   David Ming He
   SORL Auto Parts, Inc.
   Tel:   [phone]
   Email: 

   Christopher Chu
   The Global Consulting Group
   Tel:   [phone]
   Email: 

DATASOURCE: SORL Auto Parts, Inc.



CONTACT: David Ming He of SORL Auto Parts, Inc., [phone], or

; or Christopher Chu of The Global Consulting Group,

[phone], or  



Web site: http://www.chinaautomotivesystems.com/

http://www.sec.gov/ 

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