AutoChina International Responds to The Forensic Factor’s Negative Blog Post
01 Febbraio 2011 - 9:25PM
Business Wire
AutoChina International Limited (“AutoChina” or the “Company”)
(NASDAQ: AUTC), China’s largest commercial vehicle sales,
servicing, leasing, and support network, today announced its
management strongly refutes negative statements published earlier
today by a disclosed short-seller called “The Forensic Factor”.
After a review of the statements and allegations made in the
report, AutoChina disagrees with the views expressed and believes
that investors should rely on the Company's public reports filed
with the Securities and Exchange Commission.
The Company’s interim financial statements have been reviewed by
its independent auditing firm, PricewaterhouseCoopers LLP (PWC)
since the firm’s appointment in April 2010. The Company also stated
that it does not expect to restate its financial results for
prior-year periods, and anticipates announcing its audited
financial results for the year ended December 31, 2010 in
March.
The Company’s Chairman and CEO, Mr. Yong Hui Li, noted, “We
strongly disagree with the opinions expressed in the weblog post,
which was written by an author who notes his ‘short’ position in
AutoChina’s stock. We understand that it has recently become
popular for disclosed short-sellers to publish negative reports on
companies based in China, and that these disclosed short-sellers
stand to profit from publishing these reports. AutoChina stands
behind its senior management team, consistent financial reporting
history and its multiple blue-chip vendors, partners, and lenders,
which include PWC, the Industrial and Commercial Bank of China Ltd.
(ICBC), CITIC Trust Co. Ltd., and Hua Xia Bank. We feel that their
desire to work with us reflects the quality of AutoChina’s business
model and corporate governance practices. We look forward to
keeping investors apprised of our progress.”
The Forensic Factor did not approach any member of AutoChina’s
management team with respect to the Company, its accounting
treatment, or management background, before publishing its
report.
About AutoChina International Limited:
AutoChina International Limited is China’s largest commercial
vehicle sales, servicing, leasing, and support network. AutoChina’s
operating subsidiary was founded in 2005 by nationally recognized
Chairman and CEO, Yong Hui Li. The Company owns and operates 300
commercial vehicle financing centers across China; and primarily
provides sales-type leasing and support services for local
customers. The Company’s website is
http://www.autochinaintl.com.
Safe Harbor Statement:
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
about the Company. Forward-looking statements are statements that
are not historical facts. Such forward-looking statements, based
upon the current beliefs and expectations of the Company's
management, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to
meaningfully differ from those set forth in the forward-looking
statements:
- Continued compliance with government
regulations;
- Changing legislation or regulatory
environments;
- Requirements or changes affecting the
businesses in which the Company is engaged;
- Industry trends, including factors
affecting supply and demand;
- Labor and personnel relations;
- Credit risks affecting the Company's
revenue and profitability;
- Changes in the commercial vehicle
industry;
- The Company’s ability to effectively
manage its growth, including implementing effective controls and
procedures and attracting and retaining key management and
personnel;
- Changing interpretations of generally
accepted accounting principles;
- General economic conditions; and
- Other relevant risks detailed in the
Company’s filings with the Securities and Exchange Commission.
The information set forth herein should be read in light of such
risks. The Company does not assume any obligation to update the
information contained in this press release.
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