TIANJIN, CHINA--(Marketwire -02/15/12)- China Auto Logistics Inc. (the "Company" or "CALI") (NASDAQ: CALI - News) announced today the formal visit last Tuesday of Mr. Jiang Zengwei, China's Deputy Minister of Commerce, to CALI's auto mall in Tianjin, the largest imported luxury auto mall in China.
In comments made during his visit, the Minister said he was deeply impressed with the rapid growth and outstanding performance CALI had achieved, particularly in the years since the Company was listed on Nasdaq in 2009. Mr. Jiang added he was excited not only about the Company's achievements to date, but also about the future prospects of its business. Reflecting this, he confirmed the government will continue to give strong support to CALI, as it has to other young growth firms, and looks forward to the contribution CALI can continue to make to China's prosperity.
"In the segment of luxury imported cars, which in 2011 dramatically outpaced other auto sales in China, we are one of the largest sellers throughout the country," stated Mr. Tong Shiping, CEO and Chairman of the Company. He added, "We remain very confident the market for luxury imported cars will continue to grow strongly in coming years. This also will greatly benefit our positions as a leading provider of auto-related services and a leading developer of websites on the Internet for buyers and sellers of cars throughout China."
About China Auto Logistics Inc.
China Auto Logistics Inc. operates www.cali.com.cn, one of the leading automobile portals for car dealers and consumers of vehicles and auto-related services in China. Additionally, it is one of China's top sellers of luxury imported cars and a leading developer of websites for buyers and sellers of imported and domestic automobiles. These include www.188.com, China's only site for imported car dealers and consumers; www.at160.com, focused on domestic auto sales, and www.goodcar.cn, a highly popular internet destination for auto drivers attracted by discount cards for a variety of automotive products and services. 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.