BEIJING, April 14, 2009 (GLOBE NEWSWIRE) -- AutoChina International Ltd. (OTCBB:SCRQF) (OTCBB:SCRWF) (OTCBB:SCRUF) ("AutoChina"), leading one-stop commercial and consumer auto sales and financing company in China, today announced that pursuant to redemption rights granted to stockholders who owned common stock issued in Spring Creek Acquisition Corp.'s ("Spring Creek") initial public offering, 1,040,934 shares of AutoChina were redeemed. AutoChina used funds totaling $8,181,741 held in the trust account established in connection with its IPO to consummate the redemption.
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.