These awards acknowledge the Company's achievements and contributions to
Jinzhou City. Between the 2005 and 2007 years, China Automotive Systems
achieved 110% sales growth with a faster 167% increase in net income. China
Automotive Systems has announced milestones which will help sustain the
Company's growth. First, the Company has advanced its design, manufacturing
and quality control proficiency to develop world-class products. This
achievement resulted in its first ever purchase order from a global automotive
manufacturer headquartered in
Mr.
The Chinese government has enacted policies to help stimulate the economy
with a
Both China Automotive Systems' and Mr. Chen's contributions to revitalizing Jinzhou City were acknowledged. Mr. Chen was the first of the 10 Best Entrepreneurs to receive a medal and a trophy. China Automotive Systems has improved the working environment in Jinzhou City through greater direct employment, as well as helping to build local suppliers and businesses.
About CAAS
Based in
Safe Harbor Statement This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition, and the impact of acquisitions on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company's products; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.
For further information, please contact: Jie Li Chief Financial Officer China Automotive Systems Email: jieli@chl.com.cn Kevin Theiss Investor Relations Grayling Global Tel: +1-646-284-9409 Email: ktheiss@hfgcg.com Stacey Dimakakos Financial Media Relations Grayling Global Tel: +1-646-284-9417 Email: sdimakakos@hfgcg.com
SOURCE China Automotive Systems, Inc.