- Fourth quarter unit sales total 93,591 units
- Fiscal 2008 year-over-year unit sales increase by 278% to 227,074 units
VANCOUVER, Jan. 13 /CNW/ - Zongshen PEM Power Systems Inc. ("ZPP" or "the
Company") (TSX:ZPP), announced today its units sales for the three-month and
twelve month periods ended December 31, 2008.
For the three-month period ended December 31, 2008, ZPP sold 93,591 units
of low emission small gas bikes and electric bikes. This compares to total
unit sales of 29,608 units, and 87,355 units during the corresponding quarter
in 2007 and during the third quarter of 2008, respectively.
For the twelve-month period ended December 31, 2008, the Company
increased unit sales by 278 percent to 227,074 units versus 60,130 units
during the same period in 2007.
"While the global economic environment has also impacted us and slowed
down the pace of our unit sales growth, I am pleased that we achieved
significant unit sales growth on a consecutive quarter and year-over-year
basis," noted Zongshen Zuo, Chairman and CEO of Zongshen PEM Power Systems
Inc. "We continue to work diligently through the challenging market
environment and remain extremely confident in the prospects of ZPP."
About Zongshen PEM Power Systems Inc.
Zongshen PEM Power Systems Inc. is a public company trading under the
symbol ZPP on the Toronto Stock Exchange. The Company is engaged in the
commercialization of alternative power systems including batteries, fuel cells
and solar power, for a variety of consumer and industrial applications. The
Company manufactures low-cost, high quality, environmentally friendly small
gas motorbikes, electric motorcycles, electric bicycles and other e-vehicles
in China for the Chinese domestic and international markets. Zongshen PEM
Power System's largest shareholder is Zongshen Industrial Group, one of
China's largest manufacturers and distributors of motorcycles, engines, and
About Zongshen Industrial Group
Zongshen Industrial Group was founded in 1992, and now consists of 30
totally or majority owned subsidiaries including Chongqing Zongshen Power
Machinery Co., which is listed on the Shenzhen Stock Exchange. The Company
employs in excess of 13,000 employees with assets in excess of RMB 8.4 billion
yuan. Zongshen Industrial Group implements the development strategy of related
diversification within thermodynamic machinery industry. Its engine products
mainly include motorcycle engines, mini-car engines, speedboat engines, and
general-purpose machinery. Its end products mainly include motorcycles,
speedboats and other power equipment. Zongshen Industrial Group now has an
annual production capacity of 2,000,000 motorcycles, 50,000 mini vans,
3,000,000 motorcycle engines, 5,000,000 general-purpose engines, and 100,000
car engines. Zongshen Industrial Group has established a leading brand for
motorcycles in China attracting some of the world's largest motorcycle
manufacturers as joint venture partners.
Forward Looking Information
Certain statements that are not historical facts made in this press
release may be forward looking statements subject to risks and uncertainties.
Statements containing words such as "could", "expect", "may", "anticipate",
"believe", "intend", "estimate", "plan" and other similar expressions are
forward-looking statements that represent management's beliefs and are based
on certain factors and assumptions set forth in this press release including
foreign exchange rates, expected growth, manufacturing output and capacity,
sales expectations, market potential and expected business opportunities.
While the Company considers these factors and assumptions to be reasonable
based on information currently available, they may prove to be incorrect.
Forward-looking statements may relate to matters such as expected financial
performance, business prospects, technological developments, and development
activities and like matters. These statements involve risks and uncertainties,
including but not limited to the risk factors described in reporting documents
filed by the Company. Actual results could differ materially from those
projected as a result of these risks and should not be relied upon as a
prediction of future events. Except as required by applicable securities laws,
the Company undertakes no obligation to update any forward-looking statement
to reflect events or circumstances after the date on which such statement is
made, or to reflect the occurrence of unanticipated events.
For further information:
For further information: Ali Mahdavi, Zongshen PEM Power Systems Inc.,
Vice President, Corporate Finance & Investor Relations, (416) 962-3300,