Leading Proxy Advisory Firm ISS Recommends SORL Stockholders Vote “FOR” Proposed Going-Private Transaction and Parent Announces its Receipt of PRC Regulatory Approvals

ZHEJIANG, China, April 27, 2020 (GLOBE NEWSWIRE) -- SORL Auto Parts, Inc. (NASDAQ: SORL) (“SORL” or the “Company”), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, today announced that Institutional Shareholder Services Inc. (“ISS”) has recommended that SORL stockholders vote “FOR” the proposed going private transaction for $4.72 per share of common stock in cash, as contemplated in the Company’s previously announced Agreement and Plan of Merger (the “Merger Agreement”), dated as of November 29, 2019, with Ruili International Inc. (“Parent”), and Ruili International Merger Sub Inc. (“Merger Sub”), pursuant to which Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Parent.

ISS is a leading independent international proxy advisory firm, and its voting analyses and recommendations are relied upon by thousands of major institutional investment firms, mutual funds and fiduciaries throughout the world.

The Company’s special meeting of stockholders (the “Meeting”) to consider and vote on, among other things, the proposal to adopt the Merger Agreement and the transactions contemplated thereby, including the Merger, will be held at 10 a.m. (Beijing time) on May 8, 2020. Due to the COVID-19 environment, stockholders are encouraged to vote promptly by telephone or by Internet--by following the instructions indicated on their proxy cards--to ensure that their shares are represented at the Meeting. The Company notes that failing to vote has the same effect as a vote Against the Merger.

The Company has retained Innisfree M&A Incorporated as its proxy solicitor to assist it in connection with its upcoming Meeting. Stockholders who have questions about the Merger Agreement or the Merger, need additional copies of the Company’s proxy materials, or need assistance in voting their shares are encouraged to contact Innisfree M&A Incorporated by phone at [phone] (TOLL-FREE from the U.S. and Canada) or [phone] (from other countries). Banks and brokers may call collet at [phone].

Parent has also informed the Company that Parent (through its affiliate) has completed and obtained all of the required regulatory approvals to consummate the Merger, including the overseas investment registration with Zhejiang Provincial Development and Reform Commission, the outbound investment registration with Zhejiang Provincial Department of Commerce and the registration with Rui’an branch of the State Administration of Foreign Exchange of the People’s Republic of China.