Appoints Four New Independent Directors to Board of Directors
HARBIN, China, June 2 /PRNewswire-Asia/ -- China XD Plastics Company Ltd. ("China XD Plastics" or the "Company"), (OTC Bulletin Board: CXDC), as the largest Chinese manufacturer engaged in the development, manufacturing, and distribution of modified plastics primarily for use in automotive applications, today announced that it has enhanced its Board of Directors with four new directors and established the Audit, Compensation and Nominating Committees. Mr. Lawrence W. Leighton serves as Chairman of the audit committee while Mr. Cosimo J. Pattiand and Mr. Linyuan Zhai serve as Chairman of the compensation and nomination committees, respectively.
These appointments bring the Company's Board of Directors to seven members, consisting of Mr. Jie Han, CEO and Chairman of the Board, Mr. Taylor Zhang, CFO, Qingwei Ma, COO, Mr. Lawrence Leighton, Mr. Cosimo Patti, Mr. Linyuan Zhai and Mr. Yong Jin. Mr. Leighton, Mr. Patti, Mr. Zhai and Mr. Jin are determined to be independent directors.
"Today's announcement exemplifies our commitment to strengthen our corporate governance system. On behalf of the Company, I welcome our new directors. We believe that their extensive experience working with leading public companies in both North America and China in business, finance, automobile and modified plastics industry as well as research and development of macromolecule material will provide guidance to the senior management team as we continue to grow our business and we look forward to working with them," stated Mr. Jie Han. "Their addition to our Board of Directors is the first step in the implementation of our new corporate governance policy, as we continue to build our modified plastics business."
Mr. Lawrence W. Leighton has been appointed to serve as the Chairman of China XD Plastics' Audit Committee. He brings to China XD Plastics over 40 year international investment banking experiences. He has served as director of Strategic Planning for Norton Simon Inc, a consumer products company, and he initiated and executed the acquisition of Avis Rent-a-car. Mr. Leighton was a Limited Partner of Bear Stearns & Co., a Managing Director of the investment bank of Chase Manhattan Bank and President and Chief Executive Officer of the U.S. investment bank of Credit Agricole, a major French Bank. Mr. Leighton received his BSE degree in engineering from Princeton University and an MBA degree from Harvard Business School.
Mr. Cosimo J. Patti has been appointed to serve as the Chairman of China XD Plastics' Compensation Committee. He brings to China XD Plastics strong financial consulting experiences. He had 15 years of working experiences at Lehman Brothers and serves in the position of senior vice president responsible for capital market support for government, fixed income and equity operations, and in the position of senior vice president at the Lehman global branch support responsible for the operational support for the international and domestic branch. Recently, he served as director of strategic cross border business for Cedel Bank in New York. He is an Arbitrator of SEC and National Association of Securities. Mr. Patti has been an Independent Director of American Oriental Bioengineering Inc. (NYSE: AOB) since 2004.
Mr. Linyuan Zhai has been appointed to serve as the Chairman of China XD Plastics' Nominating Committee. He brings 37 years of working experiences at the FAW Group, a major automobile manufacturer in China. Mr. Zhai served as general manager of automobile manufacturing, successfully led FAW Four Ring Company, a subsidiary of FAW group, to go public in China. He accumulated extensive entrepreneur experiences in the technology, production, and management in the automobile manufacturing industry. He has made contribution to the growth of the FAW Group in China, and he is an expert in the car manufacturing industry.
Dr. Yong Jin has been appointed to be an independent director to serve at China XD Plastics' board. He brings to China XD Plastics extensive research consulting experiences. Dr. Jin is an expert in the industry of modified plastics. He is a professor at Tsinghua University, an academician of the Chinese Academy of Engineering, an executive member of Chemical Industry and Engineering Society of China and Chinese society of particuology, vice chairman of China Institute of Ecological Economy, director of Industrial Ecology Economy and Technology Committee, Council Convenor of the Chemical discipline in the State Council Academic Degrees Committee, professional adviser for Beijing Municipal Government, and consultant for the scientific journal, "Chemical Engineering and Technology" of Germany. Jin has published more than 350 papers in important journals and conferences domestically and internationally, 138 of which were included in SCI. Jin also received more than 30 patent applications.
About China XD Plastics Company Ltd.
China XD Plastics Company Ltd., through its wholly owned subsidiary Harbin Xinda Macromolecule Material ("Xinda"), develops, manufactures, and distributes modified plastics, primarily for automotive applications. The Company's specialized plastics are used in the exterior and interior trim and in the functional components of more than 30 automobile brands manufactured in China including Audi, Red Flag, Volkswagen and Mazda. The Company's wholly owned research institute is dedicated to the research and development of modified plastics and benefits from technology collaboration with well-known scientists from leading Universities in China. At present, Xinda manufactures approximately 145 types of automobile-specific modified plastic products, 117 of which have been certified for use by one or more of the automobile manufacturers in China. For more information please visit http://www.chinaxd.net .
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the Company's ability to successfully expand its production capacity; the future trading of the common stock of the company; the Company's ability to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov . These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
China XD Plastics Company Ltd.
Mr. Taylor Zhang, Chief Financial Officer
Phone: +1-212-747-1118 (New York)
Mr. Allan Lao, IR Director
Phone: +86-451-84346600 (China)
Email: cxdc@chinaxd.net
Web: http://www.chinaxd.net/
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Mr. Ed Job, CFA
Phone: +1-646-213-1914 (New York)
Email: ed.job@ccgir.com
Web: http://www.ccgirasia.com
