China Auto Logistics Signs $1M Agreement To Manage Tianjin FTZ International Automobile Exhibition & Sales Center
Tianjin's Only Imported Auto Mall Anticipates Boost From the Company's Internet Strength and Nationwide Dealership Network
Tianjin, China - (Marketwire ) - China Auto Logistics Inc. ("the Company") (NASDAQ: CALI), one of China's leading developers of websites for buyers and sellers of imported and domestic automobiles, a top seller in China of imported luxury cars, and a leading provider of auto-related services, announced today that it has signed a $1 million management agreement with the owners of the Tianjin FTZ International Automobile Exhibition & Sales Center, the only imported auto mall in Tianjin. More than 450 cars a day typically are displayed at the mall, a striking, modern two-story structure occupying over 55,000 square meters in China's most important port for imported autos. In 2009, more than 43,000 car sales were recorded at the five-year-old mall, representing more than 12% of China's imported car sales during the year.
Promoting The Mall On www.at188.com
Under the agreement, which is effective for one year starting on March 1, 2010 and renewable thereafter, China Auto Logistics will be expected to promote and market the auto mall as a consumer and dealer destination. This will include a full range of advertising and marketing techniques on the Company's industry leading www.at188.com imported auto website, as well as a variety of additional promotional techniques, such as special events and exhibitions. A key focus under the agreement also will be to attract long-term, high quality tenants for the mall utilizing China Auto Logistics' extensive, nationwide auto dealership network.
Mr. Tong Shiping, CEO and Chairman of the Company, stated, "This is a very exciting assignment for us that reflects our significant position and recognized marketing and logistical skills in the imported auto industry in China. We have achieved this through our transition from a traditional imported auto dealer to a modernized, automobile logistics company with the reach and power of our www.at188.com website at the core of our success. We fully anticipate helping the Tianjin mall attain new levels of success."
Description of China Auto Logistics Inc.
With 2008 sales of approximately $190 million, China Auto Logistics Inc. 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. It is also China's leading "one stop" provider of logistical services and financing to imported car dealers nationwide. The Company has made the strategic decision to de-emphasize imported auto unit sales in favor of expanding its new, highly profitable domestic auto websites which are accessible through its national website, www.at160.com, launched in May 2009. Its subscription and advertising based www.at188.com is the number one site for imported car dealers and consumers. Already contributing significantly to profits, the Company believes further expansion of its websites, including the addition of new web-based auto-related services, will drive future growth. For additional information: 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.
SOURCE: China Auto Logistics Inc.