Attached files
| file | filename |
|---|---|
| 8-K - CHINA AUTOMOTIVE SYSTEMS INC | v205305_8k.htm |
China
Automotive Systems Appoints PricewaterhouseCoopers Zhong Tian CPAs Limited
Company as Auditors
WUHAN, Hubei, China, December 13,
2010 — China Automotive Systems, Inc. (NASDAQ: CAAS) (“CAAS” or “the
Company”), a leading power steering components and systems supplier in China,
today announced, based on the recommendation of the Company’s Audit Committee,
it has appointed PricewaterhouseCoopers Zhong Tian CPAs Limited Company to
replace Schwartz
Levitsky Feldman LLP, who resigned as
the Company's independent registered public accounting firm, starting from
December 10, 2010.
The
appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company was made
after a thorough review by the Audit Committee and the Board of Directors of the
Company. The decision to change auditors was not the result of any disagreements
between the Company and Schwartz Levitsky Feldman
LLP on any matters of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure.
About
China Automotive Systems, Inc.
Based in
Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a
leading supplier of power steering components and systems to the Chinese
automotive industry, operating through nine Sino-foreign joint ventures. The
Company offers a full range of steering system parts for passenger automobiles
and commercial vehicles. The Company currently offers 4 separate series of power
steering with an annual production capacity of over 2.5 million sets, steering
columns, steering oil pumps and steering hoses. Its customer base is comprised
of leading Chinese auto manufacturers such as China FAW Group, Corp., Dongfeng
Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and
Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com
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. As a result, the Company’s actual results could
differ materially from those contained in these forward-looking statements due
to a number of factors, including those described under the heading “Risk
Factors” in the Company’s Form 10-K annual report, dated March 25, 2010, filed
with the Securities and Exchange Commission, and in documents subsequently filed
by the Company from time to time with the Securities and Exchange Commission.
The Company undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
For
further information, please contact:
Jie
Li
Chief
Financial Officer
China
Automotive Systems
Email: jieli@chl.com.cn
Kevin
Theiss
Investor
Relations
Grayling
Tel: +1-646-284-9409
Email:
kevin.theiss@grayling.com
###