Wonder Auto Technology Receives RMB 104 Million Loans from BANK OF CHINA and CHINA CITIC BANK to Improve Capital Structure
JINZHOU CITY,
Technology, Inc. (Nasdaq: WATG; “Wonder Auto” or “the Company”), a leading
manufacturer of automotive electrical parts, suspension products and engine
accessories in
subsidiary of the Company received
in loans last week, including a
from CHINA CITIC BANK with the maturity of 1 year at its standard rate, and a
maturity of 5 years at 5% discount on its standard rate.
“With these new loans added to our current healthy cash flow, we will have
adequate capital to finance our business operations and to enhance our capital
structure. We are planning to repay early some of the short-term loans from
other banks with higher interest rates,” commented Mr. Zhao Qingjie, CEO of
the Company. “Wonder auto is privileged with the credibility and confidence
granted by the banks, especially in the prevailing global economy recession.”
About Wonder Auto
Based in Jinzhou City,
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
automotive alternators and starters in 2007. With respective 5 different
series and over 150 models of alternators, 70 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
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:
Rui Wang
CFO Assistant
Tel: +86-10-8478-5078
Cell: +86-135-2029-1221
Email: ir@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.