SOURCE: AutoChina International Ltd.

AutoChina International Ltd.

July 06, 2015 08:30 ET

AutoChina International Announces Corporate Name Change to Fincera Inc. to Reflect Its Evolution Into a Provider of Innovative Technology-Based Financing Solutions

SHIJIAZHUANG, CHINA--(Marketwired - Jul 6, 2015) - AutoChina International Limited ("AutoChina" or the "Company") (OTCQB: AUTCF), a leading provider of innovative financing solutions for China's transportation industry, today announced that it has changed its corporate name to Fincera Inc. The corporate name change was approved by shareholders at the Company's annual meeting on June 17, 2015.

The name change is part of a rebranding initiative to better align the Company's name with the suite of services it now provides throughout China, as well as those under development. This includes the Company's rapidly growing Internet-based financing solutions, which were launched in November 2014. These two products will also be renamed: K-Lend will be rebranded to CeraVest, while K-Pay will be called CeraPay. In the coming quarters, Fincera intends to continue ramping up CeraVest and CeraPay, while working to develop other innovative financing solutions for China's transportation industry.

Fincera has also launched a new corporate website in association with the name change, which can be found at www.fincera.net. The website includes information on each of the Company's products along with additional detail on the Company and each of its finance and service centers.

The Company is in the process of changing its ticker symbol, which will remain "AUTCF" until further notice.

Management Commentary
Mr. Yong Hui Li, Chairman and CEO of Fincera, stated, "We are pleased to enter this next phase of our Company's development under the new Fincera name, which we believe better reflects what the Company is today as well as what we aspire to build over time. Over the course of the past decade, we evolved from an auto dealership business to become China's largest commercial vehicle financing company. Looking forward, our goal is to become the preeminent financial services provider for China's transportation industry."

Mr. Li continued, "Today we provide a way for customers and merchants in the transportation industry to conveniently make electronic payments/purchases through our CeraPay platform (formerly K-Pay), as well as provide small business loans through our online lending marketplace CeraVest (formerly K-Lend). We look forward to continue exploring ways in which we can better serve the greater transportation industry in China with our innovative financing solutions as Fincera Inc."

About Fincera Inc.:
Fincera Inc. (OTCQB: AUTCF) provides innovative technology-based financing solutions for China's transportation industry, such as an electronic payments service and short-term business loans via an online lending marketplace, as well as sales-type leasing and support services for local customers. Founded in 2005, Fincera is China's largest commercial vehicle sales, servicing, leasing, and support network with over 500 finance and service centers in 26 provinces, municipalities, and autonomous regions across China. The Company's website is http://www.fincera.net. Fincera trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. OTCQB companies are current in their reporting and undergo an annual verification and management certification process.

Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. 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 the Company is engaged;
  • Industry trends, including factors affecting supply and demand;
  • Labor and personnel relations;
  • Credit risks affecting the Company's revenue and profitability;
  • Changes in the commercial vehicle industry;
  • The Company'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 the Company's filings with the Securities and Exchange Commission.

The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.

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