Eight Product Certifications for newly launched products were granted by the FAW Group Corporation
HARBIN, China, Sept. 24 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Ltd. ("China XD Plastics" or the "Company"), (OTC Bulletin Board: 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 during the third quarter of 2009 the Company was granted eight product certifications, including three high-end modified nylon compounds for its newly launched products by the FAW Group Corporation, one of the leading automobile manufacturers and vanguard of automobile industry in China with sales of over one million units of automobiles for the first seven months of 2009.
The new product certifications received during the third quarter of 2009 are related to new modified plastics applications launched by the Company for the production of automobile interiors, exteriors and functional parts which include engine fans, radiator covers, air filter shell and other products for automobiles. The eight product certifications, including three modified nylon products, are specific to the FAW Group Corporation’s popular mid-level and luxury passenger sedan models in China including Audi, VW Sagitar and Besturn, and are considered high margin products. The new products are expected to replace high-cost imported plastic modified products used in automotive applications.
"We have been actively investing in research and development for new modified plastics used in automobile applications, and obtaining new product certifications such as these creates high barriers to entry in our industry. During the first nine months of 2009, we have achieved consistent and impressive results by increasing our product certifications from 117 to a total of 137 certifications," said Mr. Jie Han, the Chairman and CEO of China XD Plastics, "Our new, competitively priced and customized products aim to replace modified plastics for automobile applications traditionally imported from Germany and Japan. We expect to continue our efforts in new product development and maintain our leadership position among Chinese competitors as the company with the largest number of certifications for modified plastics for automotive 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 researching and development of modified plastics and benefits from the cooperation with well-known scientists from leading universities in China. Currently, 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
Tel: +86-451-8434-6600 (China)
Email: cxdc@chinaxd.net
CCG Investor Relations Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Mr. Ed Job, CFA
Tel: +1-646-213-1914 (New York)
Email: ed.job@ccgir.com
Web: http://www.ccgirasia.com
