Friday, June 22, 2007 10:30:51 AM
EXPLANATORY NOTE
This Form 10-QSB/A (this "Amendment") amends the Form 10-QSB of Wuhan General Group (China), Inc. (the "Company") for the quarter ended March 31, 2007, as originally filed with the Securities and Exchange Commission ("SEC") on June 19, 2007 (the "Original Filing"). The Statements of Income in the Original Filing incorrectly stated that diluted earnings per share for the quarter ended March 31, 2007 were $0.09 per share. This Amendment amends the Statement of Income to correctly reflect that diluted earnings per share for the quarter ended March 31, 2007 were $0.06 per share. Also, the Statements of Stockholders' Equity in the Original Filing incorrectly stated that total net income for the quarter ended March 31, 2007 was $1,848,265. This Amendment amends the Statements of Stockholders' Equity to correctly reflect that total net income was $1,850,545 for the quarter ended March 31, 2007. This Amendment also revises Note 13 to the Financial Statements to correct and clarify the discussion of the Company's share exchange transaction and private placement of preferred stock and warrants, both of which occurred in February 2007. This Amendment also corrects the description of one of the series of warrants contained in Note 17 to the Financial Statements. Finally, this Amendment corrects immaterial typographical errors.
For the convenience of the reader, this Amendment sets forth only Part I, Item 1 - Financial Statements. No other information in the Original Filing is amended hereby. Part I, Item 1 has not been updated to reflect other events occurring after the Original Filing or to modify or update those disclosures affected by subsequent events. In addition, pursuant to SEC rules, Part II, Item 6 of the Original Filing has been amended to contain currently-dated certificates from the Company's Chief Executive Officer and Chief Financial Officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. The certifications of the Company's Chief Executive Officer and Chief Financial Officer are attached to this Form 10-QSB/A as exhibits 31.1, 31.2, 32.1 and 32.2.
Best regards,
JL
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