TIANJIN, China, via ETELIGIS INC., 06/01/2015 – – China Auto Logistics (the “Company” or “CALI”) (NASDAQ: CALI), a top seller in China of luxury imported automobiles and a leading provider of auto-related services, announced today it organized a major conference this past week in Tianjin attended by government officials and auto dealers from throughout China. A particular focus of the event was on China’s new “parallel imported vehicles” policy which was implemented on an experimental basis in the Shanghai Free Trading Zone in August, 2014, and recently extended to the new Tianjin Free Trading Zone, where the Company’s major facilities are located and where the vast majority (about 70%) of all vehicles imported into China enter the country. The new policy, in effect, places all importers of automobiles – – including independents such as China Auto Logistics – – on equal footing, by affording all a simplified process for importing and registering vehicles.
Anticipate Being a Major Beneficiary
Mr. Tong Shiping, Chairman and CEO of the Company, stated, “As the largest importer of luxury vehicles in Tianjin, we anticipate being a major beneficiary of this new policy and, particularly as the economy in China begins to improve, believe it will have an increasingly positive impact on our Auto Sales business.” He added, “It is our continuing goal to maintain our leadership position in the industry. This new policy and the positive feedback we continue to receive from attendees at the conference, including current and potential customers, bolster our confidence that our goal is achievable.”
About China Auto Logistics Inc.
China Auto Logistics Inc. is one of China’s top sellers of imported luxury vehicles. It also provides a growing variety of "one stop" automobile related services such as short term dealer financing. Additionally, in November, 2013, it acquired the owner and operator of the 26,000 square meter Airport International Auto Mall in Tianjin for $91.4 million, with plans to develop the auto mall, among other things, as the flagship site for a joint venture with Car King (China) Used Car Trading Co., Ltd. In August, 2014, the Company also announced a Strategic Cooperation Agreement with a leading auto dealer leasing and development company to greatly expand its high end imported auto business via the purchase and construction of new auto malls throughout China coupled with a new e-commerce platform.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
DGI Investor Relations Inc.
SOURCE: China Auto Logistics