JINZHOU CITY, China, Aug. 12 /PRNewswire-Asia-FirstCall/ -- Wonder Auto
Technology, Inc. (Nasdaq: WATG; 'Wonder Auto' or 'the Company'), a leading
manufacturer of automotive electrical parts, suspension products and engine
accessories in China, today announced that Jinzhou Halla, wholly-owned
subsidiary of Wonder Auto Technology, Inc., signed an agreement with the
shareholders of Jinzhou Wonder Alternative Energy Vehicle Technology Co., Ltd.
('AEV'), indicating that Jinzhou Halla has the rights to invest in 10% of the
shares of AEV before the end of this year.
According to the agreement, Jinzhou Halla has the option to invest in 10%
of the shares of AEV based on asset evaluation reports from independent
appraisers, and has the priority to increase the holding shares of AEV in the
future. Besides, Jinzhou Halla has the priority to supply to AEV driving
motors and other motors, designed for alternative energy vehicles.
AEV is a manufacturer of pure electric vehicles, who has rolled out
several models of electric cars. AEV's products include electric sedans, taxis,
minivans, pick-ups, freight cars, tourist coaches, golf carts and bikes, etc.
Mr. Qingjie Zhao, Chairman and CEO of Wonder Auto, commented, 'This
agreement is the first step for Wonder Auto to set foot in the alternative
energy vehicle realm, which accords with future development of auto industry,
and is an important part of our strategy to diversify product offerings and
transform our business. We are very confident that the markets of alternative
energy vehicle and its components will be growing rapidly in the future.'
About Wonder Auto
Based in Jinzhou City, Liaoning, China, Wonder Auto Technology, Inc.,
through its Chinese subsidiaries, designs, develops, manufactures and sells
automotive electrical parts, suspension products and engine accessories.
Wonder Auto was ranked second in sales revenue in the China market for
automotive alternators and starters in 2008. With respective 5 different
series and over 230 models of alternators, 150 models of starters, various
suspension and engine related parts, the Company supplies to a wide range of
automakers, engine producers and auto parts suppliers both in domestic China
and overseas. Wonder Auto's main customers include Beijing MOBIS Auto Parts &
Components Co., Ltd, Harbin Dongan Automotive Engine Co., Ltd, Shenyang
Xinguang Huachen Auto Engine Co., Ltd, SWT, Shenyang Aerospace Mitsubishi
Motors Engine Co., Ltd., Shanghai VW and Weifang Diesel Engine. For more
information, please log on http://www.watg.cn
Safe Harbor Statement
This press release may contain forward-looking information about Wonder
Auto Technology, Inc. and its wholly owned subsidiaries which are intended to
be covered by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
are statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as 'believe,'
'expect,' 'may,' 'will,' 'should,' 'project,' 'plan,' 'seek,' 'intend,' or
'anticipate' or the negative thereof or comparable terminology, and include
discussions of strategy, statements about industry trends and Wonder Auto
Technology, Inc.'s future performance, operations and products. This and other
'Risk Factors' are contained in Wonder Auto Technology, Inc.'s public filings
with the SEC. The Company assumes no obligation and does not intend to update
any forward-looking statements, except as required by law.
For more information, please contact:
Sun He
Investor Relations Officer
Tel: +86-10-8478-5339
Cell: +86-153-1161-1742
Email: sunhe@watg.cn
Yechon Xie
Investor Relations Manager
Tel: +86-416-266-1186
Cell: +86-137-0006-1685
Email: ycxie@watg.cn
SOURCE Wonder Auto Technology, Inc.
