HARBIN, China, Jan. 5 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Ltd. ("China XD Plastics" or the "Company"), (Nasdaq: CXDC), the largest Chinese manufacturer in the development, manufacture, and distribution of modified plastics primarily for use in the automotive applications in China, today announced that the Company held a board meeting to discuss business strategies for 2010 on December 31, 2009.
During the year-end strategic meeting of the board, all the directors approved the following items.
-- The issuance of three-year employee stock options under the Company's
2009 Stock Option/Stock Issuance Plan registered on Form S-8 with the
SEC, which will be vested one third each year subject to reach of the
Company's certain annual financial targets in the next three year
-- As a way to better execute the Company's plan in connection with its
business outlook and growth strategy, the board approved the optimized
2010 organization structure for China XD Plastics and its subsidiaries
-- The executive appointments for China XD Plastics submitted by the
nominating committee
-- The 2010 annual compensation and benefits packages for employees of
China XD Plastics and its subsidiaries recommended by the compensation
committee based on the optimized organization structure
-- Approval of 2010 business objectives for China XD Plastics and of 2010
corresponding annual budget to be overseen by Jie Han, Chairman and CEO
of the Company
"We are very proud of our results for 2009," said Mr. Jie Han, Chairman and CEO of China XD Plastics. "As a Nasdaq listed company, on one hand, we have been committed to delivering lasting value to our shareholders by properly incentivizing our key employees, thus aligning their interest with our shareholders. On the other hand, we strive to improve the Company's corporate governance, such as the implementation of more effective internal control system. Our entire board of directors is committed to the long term success of our Company, we are confident to continue the momentum into 2010 and we are very excited to share our business prospects and operation results with the investment community."
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 the cooperation with well-known scientists from prestigious universities in China. As of the end of September 30, 2009, 137 products that Xinda manufactured 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 increase the number of certifications; the Company's ability to introduce new product applications for automobiles; the effectiveness, profitability, and the marketability of its products; the Company's ability to successfully expand its production capacity; 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, CFO
Phone: +1-212-747-1118 (New York)
Mr. Allan Lao, IR Director
Phone: +86-451-84346600 (China)
Email: cxdc@chinaxd.net
CCG Investor Relations Inc.
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
