BEIJING, April 9, 2009 (GLOBE NEWSWIRE) -- Spring Creek Acquisition Corp. (OTCBB:SCRQF) (OTCBB:SCRWF) (OTCBB:SCRUF) ("Spring Creek") today announced the completion of its definitive share exchange agreement among Spring Creek and AutoChina Group Inc. ("AutoChina"). The acquisition was completed after Spring Creek's shareholders voted to approve the acquisition at its special meeting of stockholders on April 8, 2009. In conjunction with the acquisition, Spring Creek has changed its name to AutoChina International Ltd. and will continue to trade on the OTCBB under the symbols SCRQF, SCRWF, SCRUF until a new symbol is issued.
Spring Creek's CEO, Mr. James Cheng-Jee Sha stated, "All of us at Spring Creek are very excited to be shareholders of AutoChina. We are pleased to have successfully completed the agreement so quickly and are highly confident that the company will continue to capitalize on various growth opportunities and expand its auto dealership and commercial vehicle finance businesses throughout China. We look forward to working with Mr. Li and AutoChina's senior management team to help achieve all of our strategic objectives, and we thank our shareholders for their support of this transaction."
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, "This vote marks an historic new chapter in AutoChina's history. As a result of the merger, we will be a financially stronger and more transparent company. Since our founding, we have remained committed to being a responsive, stable and innovative leader in auto finance and sales, and continue to grow our business profitably by being proactive in a changing global economic environment. We are confident that the merger will help us to further strengthen our competitive position, assist us with financial leverage among banks in China, and in so doing will enhance the long-term value of AutoChina for its shareholders."
About AutoChina International Ltd.
AutoChina is a leading one-stop commercial and consumer auto sales and financing company in China. Founded in 2005 by nationally recognized Chairman and CEO, Yong Hui Li, AutoChina operates in two primary business segments: commercial vehicle sales and financing (truck leasing) and sales of branded passenger automobiles through its nationally recognized dealer network.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about AutoChina. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of AutoChina or AutoChina's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The information set forth herein should be read in light of such risks. 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 AutoChina is engaged; * Industry trends, including factors affecting supply and demand; * Labor and personnel relations; * Credit risks affecting AutoChina's revenue and profitability; * Changes in the automobile industry; * AutoChina'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 AutoChina's filings with the Securities and Exchange Commission.
AutoChina assumes no obligation to update the information contained in this press release.
The Spring Creek Acquisition Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5980