BEIJING, April 12 /Xinhua-PRNewswire/ -- Fuwei Films (Holdings) Co. Limited (Nasdaq: FFHL) ("Fuwei" or "the Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that it has appointed Mr. Xiuyong Zhang as the Chief Financial Officer of the Company.
Mr. Zhang has been a director of the Company since November 2007. He has also been a director of Fuwei's operating subsidiary, Fuwei Films (Shandong) Co., Ltd., since July 2004 and Vice President for Finance there since January 2005. He has more than 10 years of experience in accounting, finance and investments. Prior to joining Fuwei, Mr. Zhang was a Vice President at the Weifang branch of Shandong Zhengyuan Hexin Auditors from 1999 to 2004. He was an accounting supervisor at the Weifang City Local Products Company in Shandong from 1991 to 1999.
Mr. Zhang holds the Professional Certification in Law from the China University of Political Science and Law and the China Central Radio and Television University. In addition, he holds the Certification of Financial Accounting from the Shandong Television University. Mr. Zhang is a Certified Public Valuer recognized by the Ministry of Personnel and the Ministry of Finance in China, and is also a Certified Public Accountant recognized by the Ministry of Finance.
"I am delighted to announce Mr. Xiuyong Zhang as our new CFO," said Mr. Xiaoan He, CEO and Chairman of Fuwei. "I have enjoyed working with him over the past years and I know him as an excellent team leader. With his substantial experience in the day-to-day management of finance and accounting, Mr. Zhang now will help us continue our high-quality financial reporting and execute a variety of corporate finance projects. His knowledge and skills will be a great asset to us."
Fuwei will report its fourth quarter and full year 2007 financial results before the markets open on Monday, April 14, 2008.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary Shandong Fuwei Films Co., Ltd. Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei's BOPET film is widely used to package food, medicine, cosmetics, tobacco and alcohol, as well as in the imaging, electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
The forward-looking statements included in this press release are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which include, among other things, competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years.
