China Automotive Systems and Sensor System Solutions Announce Letter of Intent to Provide MAP and TMAP Sensors to One of India's
December 05 2005 - 9:01AM
PR Newswire (US)
WUHAN, Hubei, China and IRVINE, Calif., Dec. 5 /Xinhua-PRNewswire/
-- China Automotive Systems, Inc. (NASDAQ:CAAS), a leading power
steering components and systems supplier in China and Sensor System
Solutions, Inc. (3S), (OTC:SSYO) (BULLETIN BOARD: SSYO) , a
manufacturer of Micro-Electro-Mechanical- Systems (MEMS) sensors,
intelligent sensor interface electronics and intelligent embedded
control systems, today announced a new project for its joint
venture to manufacture and distribute Manifold Absolute Pressure
(MAP) and Temperature & Manifold Air Pressure (TMAP) sensors,
as well as provide technical and commercial support to one of
India's largest automobile manufacturers. In April 2005, China
Automotive Systems and 3S announced a joint venture agreement to
produce sensors for the Chinese automotive market. That joint
venture will operate as Universal Sensor, Inc., and will manage
this project. This phase of the project is expected to be in place
for three years. This project will expand the joint venture
agreement beyond China and into the growing Indian automotive
market. According to industry analysts, the Indian auto industry
has been the recipient of major funding and has come of age,
upgrading itself in the past few years to meet global standards.
Chairman and Chief Executive Officer of China Automotive Systems,
Hanlin Chen commented, "This is the first of many projects for our
joint venture and is a strategic opportunity for us to strengthen
an existing partnership with Sensor System Solutions, maintain
technological leadership and extend our global reach." Chief
Executive Officer Michael Young of Sensor System Solutions said,
"Our TMAP sensors have successfully passed through the lab testing
phase for our customer, and the sensors are now being road tested.
We are moving ahead quickly and expect to be in the production
phase in late 2006. The production quantity is estimated to be
approximately 200,000 units in 2007 and could ramp up to
approximately 1 million units by 2010. Our products are performing
to strict specifications, and we are very pleased to be in the
initial growth phase of this market." Mr. Chen added, "Once the
sensors pass the final testing phase, we will begin the production
phase of the program. We look forward to working with Sensor
Systems Solutions' team of engineers as they develop the products
that will help meet the increasing demands of a new and growing
automotive industry in Asia and in other markets." About China
Automotive Systems, Inc. Based in Hubei Province, People's Republic
of China, China Automotive Systems, Inc. is a leading supplier of
power steering components and systems to the Chinese automotive
industry, operating through four Sino-foreign joint ventures. The
Company's product offering encompasses a full range of auto parts
which are incorporated into steering systems for both passenger
automobiles and commercial vehicles. The Company currently offers
four separate series of power steering and 307 models of power
steering with an annual capacity of 600,000 sets, steering columns,
steering oil pumps and steering hoses. Its customer base comprises
of leading Chinese auto manufacturers such as China FAW Group,
Corp., Donfeng Auto Group Co., Ltd., Brilliance China Automotive
Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile
Co., Ltd. etc. For more information, please visit
http://www.caasauto.com/ . About Sensor System Solutions (3S) 3S is
engaged in the design and manufacture of sensor components and
sensor system solutions. These products are marketed to a variety
of OEM and end-product manufacturers, including the medical,
chemical, oil and gas industries. 3S's strategy is to integrate the
Company's numerous intellectual properties into intelligent
interface electronics and sensors enabling "smart products" that
provide enterprises with an unbroken stream of real-time
information without human attention or intervention. 3S markets
these products through various strategic partners. For more
information, please contact us at 949-855-6688 or visit us at
http://www.corp3s.com/ . Forward-Looking Statements This release
may contain statements we believe are, or may be considered to be,
"forward-looking statements." These forward-looking statements
generally can be identified by use of the statements that include
phrases such as we "expect," "plan," "believe," or other similar
words or phrases. Similarly, statements describing our objectives,
plans or goals also are forward-looking statements. All of these
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from the expected results expressed or implied by the relevant
forward-looking statement. All forward-looking statements speak
only as of the date made, and we undertake no obligation to update
them For more information, please contact: China Automotive Systems
Truc Nguyen, Investor Relations The Global Consulting Group Tel:
+1-646-284-9418 Email: Ivette Almeida, Financial Media The Global
Consulting Group Tel: +1-646-284-9455 Email: Sensor System
Solutions Ann Jones, Investor Relations Tel: +1-949-855-6688 x103
Mobile: +1-714-227-0391 Email: DATASOURCE: China Automotive
Systems, Inc. CONTACT: Truc Nguyen, Investor Relations
+1-646-284-9418 or , or Ivette Almeida, Financial Media
+1-646-284-9455 or , both of The Global Consulting Group, for China
Automotive Sysetms; or Ann Jones, Investor Relations of Sensor
System Solutions, +1-949-855-6688 x103, +1-714-227-0391 or Web
site: http://www.corp3s.com/ http://www.caasauto.com/
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