HARBIN, China, May 1 /PRNewswire-Asia/ -- China XD Plastics Company Ltd. ("China XD" or "the Company"), (OTC Bulletin Board: CXDC), as the largest Chinese manufacturer engaged in the development, manufacture, and distribution of modified plastics primarily for use in automotive applications, today announced the appointment of Taylor Zhang as Chief Financial Officer effective immediately. Mr. Zhang brings more than 7 years of corporate finance, strategic planning and management experience to China XD, having recently served as chief financial officer of Advanced Battery Technologies, Inc. (Nasdaq: ABAT). Mr. Zhang succeeds Jie Han, who has served as interim CFO since the Company went public in December 2008. Mr. Zhang will oversee China XD's capital markets efforts and all accounting management and reporting functions.
"We are delighted to welcome Taylor to China XD. With his appointment, we are in an even stronger position to deliver on our objective of becoming an internationally recognized public company," said Mr. Jie Han, chief executive officer of China XD. "Taylor not only has a proven track record of growing businesses, managing complex capital structures, implementing internal policies and procedures in compliance with standards required by the Sarbanes-Oxley Act, and raising funds, but he also has a depth of financial and operational experience that will be invaluable in helping China XD achieve its business objectives."
"I am excited to be joining China XD at such an important point in its corporate evolution," stated Mr. Zhang. "Mr. Han has already led the company to achieve significant milestones thanks to his hard work and vision. I am looking forward to working closely with him and my new colleagues to help China XD achieve its full potential as an industry leading player."
Prior to his appointment, Mr. Zhang served as the chief financial officer of Advanced Battery Technologies, Inc., a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries. Before joining Advanced Battery Technologies, Inc, Mr. Zhang served as EVP of Finance at China Natural Gas, Inc, one of the leading providers of pipeline natural gas for industrial, commercial and residential use and compressed natural gas (CNG) for vehicular fuel in Xi'an, China. Prior to China Natural Gas, he served as Financial Analyst for New York Private Equity, where he covered Chinese growth companies in energy sector. Early in his early career, Mr. Zhang was financial manager at Datong Thermal Power Limited in China.
Mr. Zhang earned an MBA degree from the University of Florida and Bachelor Degree in mechanical and electronic engineering by Beijing Technology and Business University.
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; the Company's ability to successfully expand its production capacity; 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.
Website: http://www.chinaxd.net/
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