SORL Auto Parts Announces Filing Extension for Form 10-K Due to COVID-19 Impact

Globe Newswire 27-Mar-2020 6:00 AM

ZHEJIANG, China, March 27, 2020 (GLOBE NEWSWIRE) -- SORL Auto Parts, Inc. (NASDAQ:SORL) ("SORL" or the "Company"), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, today announced that the Company will not be able to file its 2019 Annual Report on Form 10-K by the original deadline of March 30, 2020 due to circumstances related to COVID-19. The Company's headquarters is located in Ruian, Zhejiang Province, PRC, which has been seriously impacted by the COVID-19 epidemic. The Company's operations in Zhejiang Province and other locations in China, have been largely suspended since the beginning of the Chinese New Year in late January 2020 through early March of 2020.  However, the Company's operations have returned to full capacity and all corporate activities are now gradually returning to normal operations. 

The occurrence of this uncontrollable COVID-19 pandemic has impacted the Company's operations in the first quarter of 2020.  Social distancing, travel bans and quarantines have limited access to SORL facilities and professional staff.  These actions have substantially hampered the Company's efforts to provide investors with timely information and comply with filing obligations with the Securities and Exchange Commission.

As a result, the Company and its professional staff and advisors will not be able to complete the preparation of the Company's consolidated financial statements and the Form 10-K until after March 30, 2020. The Company is relying on the SEC order dated March 4, 2020 (Release No. 34-88318, to extend the due date for the filing of its Form 10-K until May 14, 2020, 45 days after the original due date). The Company will work diligently to comply with such requirement and, at this time, management believes that it will need the entire available extension period.

Forward Looking Statements

Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words. Such statements include, but are not limited to, statements about the Company's plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the Company's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward looking statements. There may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our company in particular have been material, are changing rapidly, and cannot be predicted. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Contact Information

Daisy Yu
+86-135-6618-2034
+86-577-6581-7721
phyllis@sorl.com.cn

Kevin Theiss
Investor Relations
Awaken Advisors
212-521-4050
kevin@awakenlab.com

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