China Auto Logistics Enters Into Used Car Business Joint Venture Cooperation Framework Agreement Contingent Upon Successful Acquisition of Tianjin Airport International AutomallCooperation Framework Agreement • November 22nd, 2013 • China Auto Logistics Inc • Wholesale-motor vehicles & motor vehicle parts & supplies
TIANJIN, CHINA--(November 22, 2013) - China Auto Logistics Inc. (the "Company" or "CALI") (NASDAQ: CALI), a top seller in China of luxury imported automobiles, and a leading provider of auto-related services, reported today that the Company (through its wholly-owned subsidiary) has entered into a Cooperation Framework Agreement with respect to the establishment of a Joint Venture that will own and operate a used car business. Participation in the joint venture is contingent, however, on the successful completion by the Company of the acquisition of the Tianjin Airport International Automall, where the used car business will be operated. The acquisition is currently still in negotiations.
Cooperation Framework AgreementCooperation Framework Agreement • November 22nd, 2013 • China Auto Logistics Inc • Wholesale-motor vehicles & motor vehicle parts & supplies
