China Auto Logistics Signs Non-Binding Letter of Intent to Acquire the Airport
International Automall in Tianjin
TIANJIN, CHINA -- (Marketwired) -- 05/20/13 -- China Auto Logistics
Inc. (the "Company") (NASDAQ: CALI), a top seller in China of luxury
imported automobiles, a leading provider of auto-related services,
and developer and operator of a leading automobile portal and
auto-related websites, announced today that a wholly owned subsidiary
of the Company has signed a non-binding Letter of Intent (the "LOI")
to acquire and operate the Airport International Automall, a 26,000
square meter vehicle sales and exhibition center located in the heart
of the Tianjin Airport Economic Area adjacent to a number of top 4S
shops (auto dealerships) in Tianjin. The port city of Tianjin is one
of China's major automobile import and sales centers, where the
Company also manages the city's largest imported vehicle auto mall.
The potential acquisition is subject to a due diligence investigation
and valuation by the subsidiary, with the final price to be
determined by negotiations between the parties. No date has been set
for completion of the transaction, and there can be no assurance that
any transaction will be completed as contemplated or at all.
Mr. Tong Shiping, Chairman and CEO of China Auto Logistics Inc,
commented, "We are very excited about this potential acquisition for
a variety of reasons. First, it is a business we know well, based on
our successful management of Tianjin's largest auto mall for imported
cars, which has been a steady and important contributor to our bottom
line. Second, it would further demonstrate our commitment to the
growth strategy we have announced to shareholders, which is to
maintain our leadership in luxury auto sales and support this with
the growth of our existing and new higher margin auto-related
About China Auto Logistics Inc.
China Auto Logistics Inc. is one of China's top sellers of imported
luxury vehicles, and also manages China's largest imported auto mall
in Tianjin. Additionally, it operates www.cali.com.cn, one of the
leading automobile portals in China, as well as three major websites
serving China's auto dealers and their customers. The Company also
provides a growing variety of "one stop" automobile related services
such as short term dealer financing. Additional information about the
Company is available at www.chinaautologisticsinc.com.
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.
DGI Investor Relations Inc.
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