AutoChina International Limited (“AutoChina” or the “Company”) (NASDAQ: AUTC), China’s largest commercial vehicle sales, servicing, leasing, and support network, today announced the scheduling of its oral appeal hearing with the Listing Qualifications Department of The NASDAQ Stock Market LLC (“Nasdaq”), which previously notified the Company of its determination that the Company's common stock would be delisted from Nasdaq. The hearing has been scheduled for November 10, 2011.

AutoChina also announced that its request for an extension of the stay of the suspension of its shares from trading on Nasdaq has been denied, and therefore beginning with the opening of the stock market on October 4, 2011, the Company’s shares will be suspended from trading on Nasdaq and are expected to trade on the OTC pink sheets market.

The Company is working closely with its advisors to seek all appropriate means to expedite the process of filing its Form 20-F and regain compliance with Nasdaq prior to the hearing date. There is no assurance that the Company will succeed in regaining compliance by such date or in its appeal of Nasdaq’s delisting determination.

As previously announced, on September 8, 2011, the Company received a letter from Nasdaq stating that, based on the review of public documents and a plan of compliance provided by the Company, Nasdaq’s staff (the “Staff”) determined that the Company’s securities would be delisted from Nasdaq due to the Company’s failure to file its periodic reports on a timely basis, including its Annual Report on Form 20-F for the year ended December 31, 2010, as required by Nasdaq Listing Rule 5250(c)(1).

About AutoChina International Limited:

AutoChina International Limited is China’s largest commercial vehicle sales, servicing, leasing, and support network. AutoChina’s operating subsidiary was founded in 2005 by nationally recognized Chairman and CEO, Yong Hui Li. The Company owns and operates 354 commercial vehicle financing and service centers across China; and primarily provides sales-type leasing and support services for local customers. The Company’s website is http://www.autochinaintl.com.

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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