HARBIN, China, Feb. 17 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Ltd. (“China XD Plastics” or the “Company”),
(OTC Bulletin Board: CXDC), the largest Chinese manufacturer of modified plastics for automotive applications, is engaged in the development, manufacturing, and distribution of modified plastics primarily for use in automotive applications, today announced that the Company’s wholly owned subsidiary, Harbin Xinda Macromolecule Material Co., Ltd. (“Xinda”), was recognized as the Enterprise with the highest growth potential by the China Engineering Plastics Industry Association (“CEPIA”), which also honored Mr. Jie Han, Chairman and Chief Executive Officer of China XD Plastics, with the outstanding entrepreneur of the year award.
CEPIA is an industry association that promotes the development of the engineering plastic industry in China, sets quality standards for the industry, and creates detailed development plans for the industry on behalf of government agencies. CEPIA provides a platform for its members to meet and discuss the latest technology, research and developments, products, and to disseminate the latest technology to match international standards, as well as support the government on establishing a healthy growth for the industry.
As of November 8, 2008, on the 10th anniversary of CEPIA, the association honored leading companies in the engineering plastic industry including Lanexess, Polyplastics, and Xinda, among other well-known international and domestic enterprises that have contributed to the growth of the industry. China XD Plastics, as the largest manufacturer of modified plastics for automotive applications in China, is able to produce high-tech products by leveraging its original research and development capabilities. The Company produces quality products that meet international automotive OEM standards, therefore, replacing more expensive imports with its considerable production capacity. For the past four years, the Company has rapidly increased its domestic market share with its innovative and high quality products, and as a result of its success, was honored with the award as the Enterprise with the highest growth potential by CEPIA.
“We are extremely honored to be given this award which we view as an important recognition of the progress we have made in the execution of our strategies to become the leading modified plastics supplier to the automotive industry in China,” commented Mr. Jie Han, Chairman and Chief Executive Officer of China XD Plastics. “Our success is a tribute to our commitment to technology leadership as well as the hard work of our employees and the commitment of our customers and partners.”
Commitment to Technology Leadership
On December 29, 2008, the Company’s Science Advisory Board including leading scientist in the field of modified plastics in China, Mr. Jin Yong, chief scientist in the field of special engineering plastics, Mr. Wu Zhongwen, and among five other experts in the industry of modified plastics met to define goals and objectives to support the high growth of revenue and net income, as well as to expand market share in 2009. As a result, the Company’s subsidiary, Harbin Xinda Macromolecule Material Research Institute (“the Research Institute”), is expected to start seven new research and development projects in the area of environment-friendly modified plastics, engineering plastic, modified plastic for special engineering, and alloy plastic, all of which are high-tech and high value added products to be utilized in a variety of industries. The Company expects three of these projects to reach production stage during 2009. As China XD Plastics extends its product portfolio and acquires additional certification, it looks forward to another successful year in 2009.
About China XD Plastics Company Ltd.
China XD Plastics Company Ltd., through its wholly owned subsidiary Harbin Xinda Macromolecule Material, 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-know 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.
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 future trading of the common stock of the company; the ability of the company 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. Kirby Zhao, US Representative
Tel: +1-212-747-1118 (New York)
Mr. Allan Lao, IR Director
Tel: +86-451-8434-6600 (China)
Email: xdtfx@hotmail.com
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
