China Auto Logistics Enters Into Used Car Business, Joint Venture Cooperation
Framework Agreement Contingent Upon Successful
Acquisition of Tianjin Airport International Automall
TIANJIN, CHINA -- (Marketwired) -- 11/22/13 -- China Auto Logistics
Inc. (the "Company" or "CALI") (NASDAQ: CALI), a top seller in China
of luxury imported automobiles, and a leading provider of
auto-related services, reported today that the Company (through its
wholly-owned subsidiary) has entered into a Cooperation Framework
Agreement with respect to the establishment of a Joint Venture that
will own and operate a used car business. Participation in the joint
venture is contingent, however, on the successful completion by the
Company of the acquisition of the Tianjin Airport International
Automall, where the used car business will be operated. The
acquisition is currently still in negotiations.
Additional details on the Framework Agreement are available in the
Form 8-K filed today with the U.S. Securities and Exchange
Mr. Tong Shiping, CEO and Chairman of the Company, commented, "We
believe the used car business could add another valuable dimension to
our potential acquisition of the Tianjin Airport International
Automall. Since the used car joint venture is fully contingent on
this acquisition, which we cannot guarantee at this time will be
completed, it would be premature to provide additional information
currently. We will keep shareholders informed of our progress."
About China Auto Logistics Inc.
China Auto Logistics Inc. is one of China's top sellers of imported
luxury vehicles. It also manages China's largest imported auto mall
in Tianjin and provides a growing variety of "one stop" automobile
related services such as short term dealer financing. Additional
information about the Company is available at
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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