EX-99.1
3
v201232_ex99-1.htm
Unassociated Document
Exhibit
99.1
No. 87
No.8 Coastal Way, Floor 2, Construction Bank, FTZ, Tianjin, China
Tel:86
(22) 25762771 Fax: 86 (22) 66271509
China
Auto Logistics Takes Another Step Towards Becoming China's Premier Automotive
Internet Portal With the Acquisition of
www.goodcar.cn
For
$5.99 Million in Cash and Stock
TIANJIN, CHINA
-(November 4,
2010) -
China Auto Logistics
Inc
. (the "Company" or "CALI")
(NASDAQ:CALI),
owner and operator of
one of China's leading automotive portals for car dealers and consumers of
vehicle services and products, announced today it has completed the acquisition
of
www.goodcar.cn
("Goodcar") for RMB 40 million ($5.99 million), consisting of RMB 18
million ($2.69 million) in cash, and RMB 22 million ($3.29 million) in common
shares of "CALI".
The
number of shares to be issued in the transaction is approximately 1.08 million.
Additionally, under the terms of the acquisition agreement, Mr. Li Yangqian, who
will serve as General Manager of "Goodcar", will be entitled to receive up to $1
million in CALI stock based on the future profitability of
"Goodcar".
The
"Goodcar" site, founded in June 2008, and accessible on the
www.cali.com.cn
portal, has been an
increasingly popular internet destination for auto drivers attracted by the
discount cards available on the site for a wide range of automotive products and
services, such as parking, auto repairs, 24/7 traffic information, emergency
roadside assistance, and discounts of 5% on gasoline purchases
through Petro China. "Goodcar" prices its cards base on the type of discounted
services they contain with varied prices of up to US$45. Currently,
"Goodcar" cards are available in Beijing, Tianjin, Chengdu, Chongqing, Wuhan and
Xiamen.
Significant
Additional Growth Potential
Mr. Tong
Shiping, CEO and Chairman of China Auto Logistics, Inc. stated, "Since our
relationship with "Goodcar" began last spring, I am pleased to say the site's
performance has exceeded our expectations." Mr. Shiping added, "as we further
integrate "Goodcar" into our online platform, we believe it will significantly
expand our margins and help grow profits with the aggressive growth plans we are
developing for it. These include cooperation with companies such as Shell and
Sinopec and we expect to have more to report about this in the weeks and months
ahead."
About
China Auto Logistics Inc. (CALI)
With 2009
sales of approximately $215 million, China Auto Logistics Inc. operates
www.cali.com.cn
,
which rapidly has become one of the leading automobile portals for car dealers
and consumers of vehicles and auto-related services throughout China. The
Company also is one of China's top sellers of luxury imported cars as well as
one of the country's leading developers of websites for buyers and sellers of
imported and domestic automobiles. Recently initiating auto-related services for
dealers and purchasers of domestic autos, it is China's leading "one stop"
provider of logistical services and financing to imported car dealers nationwide
and manager of the large imported auto mall in Tianjin. Its subscription and
advertising based
www.at188.com
is the
number one site for imported car dealers and consumers. Its
www.at160.com
site,
focused on the domestic auto market, has climbed rapidly to become one of the
top domestic auto websites and ranks among the top 125 most visited sites in
China. The Company believes the integration of these wide ranging sites and
services in a single portal serving a broad spectrum of China's "auto
living" public, as well as the addition of new web-based auto-related services
for businesses and consumers, will drive future growth. For additional
information visit
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.
Contacts:
US
Investor
Focus
Asia Partners
Robert
Agriogianis
Tel:
973-520-8741
Press
Ken
Donenfeld
kdonenfeld@dgiir.com
Tel: 212-425-5700
Fax: 646-381-9727

EX - 99 . 1 3 v201232 _ ex99 - 1 . htm Un associated Document Exhibit 99 . 1 No . 87 No . 8 Coastal Way , Floor 2 , Construction Bank , FTZ , Tianjin , China Tel : 86 ( 22 ) 25762771 Fax : 86 ( 22 ) 66271509 China Auto Logistics Takes Another Step Towards Becoming China 's Premier Automotive Internet Portal With the Acquisition of www.goodcar.cn For $ 5.99 Million in Cash and Stock TIANJIN , CHINA - ( November 4 , 2010 ) - China Auto Logistics Inc . ( the " Company " or " CALI " ) ( NASDAQ : CALI ) , owner and operator of one of China 's leading automotive portals for car dealers and consumers of vehicle services and products , announced today it has completed the acquisition of www.goodcar.cn ( " Goodcar " ) for RMB 40 million ( $ 5.99 million ) , consisting of RMB 18 million ( $ 2.69 million ) in cash , and RMB 22 million ( $ 3.29 million ) in common shares of " CALI " . The number of shares to be issued in the transaction is approximately 1 . 08 million . Additionally , under the terms of the acquisition agreement , Mr . Li Yangqian , who will serve as General Manager of " Goodcar " , will be entitled to receive up to $ 1 million in CALI stock based on the future profitability of " Goodcar " . The " Goodcar " site , founded in June 2008 , and accessible on the www.cali.com.cn portal , has been an increasingly popular internet destination for auto drivers attracted by the discount cards available on the site for a wide range of automotive products and services , such as parking , auto repairs , 24 / 7 traffic information , emergency roadside assistance , and discounts of 5 % on gasoline purchases through Petro China . " Goodcar " prices its cards base on the type of discounted services they contain with varied prices of up to US$ 45 . Currently , " Goodcar " cards are available in Beijing , Tianjin , Chengdu , Chongqing , Wuhan and Xiamen . Significant Additional Growth Potential Mr . Tong Shiping , CEO and Chairman of China Auto Logistics , Inc . stated , " Since our relationship with " Goodcar " began last spring , I am pleased to say the site 's performance has exceeded our expectations . " Mr . Shiping added , " as we further integrate " Goodcar " into our online platform , we believe it will significantly expand our margins and help grow profits with the aggressive growth plans we are developing for it . These include cooperation with companies such as Shell and Sinopec and we expect to have more to report about this in the weeks and months ahead . " About China Auto Logistics Inc . ( CALI ) With 2009 sales of approximately $ 215 million , China Auto Logistics Inc . operates www.cali.com.cn , which rapidly has become one of the leading automobile portals for car dealers and consumers of vehicles and auto - related services throughout China . The Company also is one of China 's top sellers of luxury imported cars as well as one of the country 's leading developers of websites for buyers and sellers of imported and domestic automobiles . Recently initiating auto - related services for dealers and purchasers of domestic autos , it is China 's leading " one stop " provider of logistical services and financing to imported car dealers nationwide and manager of the large imported auto mall in Tianjin . Its subscription and advertising based www.at188.com is the number one site for imported car dealers and consumers . Its www.at160.com site , focused on the domestic auto market , has climbed rapidly to become one of the top domestic auto websites and ranks among the top 125 most visited sites in China . The Company believes the integration of these wide ranging sites and services in a single portal serving a broad spectrum of China 's " auto living " public , as well as the addition of new web - based auto - related services for businesses and consumers , will drive future growth . For additional information visit 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 . Contacts : US Investor Focus Asia Partners Robert Agriogianis Tel : 973 - 520 - 8741 Press Ken Donenfeld kdonenfeld@dgiir.com Tel : 212 - 425 - 5700 Fax : 646 - 381 - 9727