HUBEI, China, Aug. 23, 2004 (PRIMEZONE) -- China Automotive Systems, Inc. (OTCBB:CAAS) today announced its Nasdaq listing application has been approved and the company's common stock will commence trading tomorrow, Tuesday, August 24 on The Nasdaq SmallCap Market under the same symbol.
"The approval to trade on Nasdaq represents an important milestone in the company's history, providing improved market dynamics and the potential for a broader institutional shareholder base," said Hanlin Chen, chief executive officer.
ABOUT THE COMPANY
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 five Sino-foreign joint ventures.
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, condition and the expected benefits from a Nasdaq listing. 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 consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.