BEIJING, Sept. 9 /Xinhua-PRNewswire-FirstCall/ -- Fuwei Films (Holdings) Co. Limited (Nasdaq: FFHL) ("Fuwei" or "the Company"), a manufacturer and distributor of high-quality BOPET plastic films located in China, today announced recent progress in research and development, including the awards that it won, by Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong"), the Company’s fully owned operating subsidiary:
-- Fuwei Shandong was recently awarded the designation of a "Key
High-Tech Enterprise of the National Torch Program" by the Ministry
of Science and Technology of the People’s Republic of China. The
Chinese government uses this program to support the development of
China’s high-tech industry. Each year, the government selects a
group of qualified enterprises and the national and local
governments jointly provide assistance in financing,
commercialization, information, management know-how, etc.
-- In addition, the Company was awarded a Yuandu Scholar Position by
the government of the city of Weifang in Shandong province. The
Yuandu Scholars are considered the highest honor for science and
technology talent in Weifang. In 2007, the local government launched
the scholarship program and began to provide financial subsidies for
these positions.
-- The Company was also awarded as a "Technologically Advanced
Enterprise" by the Management Committee of the Weifang High-tech
Development District.
-- Fuwei’s R&D center was awarded as a "High-tech Recognition Award
Project" by the government of city of Weifang, and was also
approved as the "Advanced Technology Research and Development
Center" by the Management Committee of the Weifang High-tech
Development District.
In the area of new product development:
-- The Company’s BOPET Dry Resist Films Project is currently a Shandong
government-supported key technology project. Such government-
supported initiatives have in the past received priority in
borrowing from the banks.
-- The Company’s patent application of Single-Sided Matte BOPET films
has been accepted by the State Intellectual Property Office
("SIPO") and is currently under review. Single-sided Matte BOPET
film can make products have a hazy effect and also make products
look more attractive, ensuring high transparency and haze of BOPET
films. Compared with traditional technologies, it can effectively
reduce manufacturing costs.
"As we bring more high-tech R&D talent to our midst and improve our R&D platform," said Mr. Xiaoan He, Chairman and CEO of Fuwei, "We are more actively focused on innovative new BOPET film products. These recent developments in our R&D are expected to help us maintain an edge over our competitors."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary Fuwei Films (Shandong) Co., Ltd. Fuwei Shandong 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 and are subject to risks. 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 some of which are 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. 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. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.
For further information, please contact:
In China:
Christina He
Investor Relations Manager
Phone: +86-10-8518-5620
Email: fuweiIR@fuweifilms.com
In the U.S.:
Leslie Wolf-Creutzfeldt
Investor Relations
Grayling Global
Tel: +1-646-284-9472
Email: lwolf-creutzfeldt@hfgcg.com
