- Third quarter unit sales total 87,355 units
- Year to date unit sales total 133,483 units
VANCOUVER, Oct. 9 /CNW/ - Zongshen PEM Power Systems Inc. ("ZPP" or "the
Company") (TSX:ZPP), announced today that it will preannounce its unit sales
data at each quarter-end on a go forward basis in order to help the market
closely follow the continued growth and progress of its low emission and
electric bike business.
For the three-month period ended September 30, 2008, ZPP sold 87,355
units of low emission small gas bikes and electric bikes. This compares to
total unit sales of 18,168 units, and 22,715 units during the corresponding
quarter in 2007 and during the second quarter of 2008, respectively.
"I am pleased with our progress in ramping up sales to a record 87,355
units resulting in year to date sales reaching 133,483 units," noted Zongshen
Zuo, Chairman and CEO of Zongshen PEM Power Systems Inc. "We continue to see
robust demand for our low emission gas bikes and e-bikes for the fourth
quarter and remain confident in achieving our stated guidance of 260,000 in
unit sales for 2008."
The Company plans to release its complete financial results including a
detailed breakdown on sales mid-November.
About Zongshen PEM Power Systems Inc.
Zongshen PEM Power Systems Inc. is a public company trading under the
symbol ZPP on the TSX Venture 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: Contact Information: Ali Mahdavi, Zongshen PEM
Power Systems Inc., Vice President, Corporate Finance & Investor Relations,
(416) 962-3300, 1-877-775-8734, email@example.com