BEIJING, Feb. 23 2012 /PRNewswire-Asia-FirstCall/ -- Fuwei Films (Holding) Co., Ltd. (NASDAQ: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET films in China, today announced that its wholly-owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei") has received a renewed certification as a high-tech enterprise in China, following its original designation as a national high-tech enterprise in 2008.
According to the notice issued by Department of Science & Technology of Shandong Province on January 30, 2012, Shandong Fuwei will retain its status as a high-tech enterprise for three years commencing from 2011, and will enjoy a favorable corporate tax rate during the term from January 1, 2011 to December 31, 2013 of 15%. Meanwhile, according to the PRC tax law, the corporate income tax rate is 25%.
"Shandong Fuwei being renewed as a high-tech enterprise in China reflects continued support from the PRC government, which benefits from our development in the long term," commented Mr. Xiaoan He, Chairman and CEO of the Company.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei Films' BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission which, among other things, include competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products including complaints and claims from clients; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.
For more information, please contact:
In China:
Miss Lysander Lee
Investor Relations Officer
Phone: +86-10-6852-2612
Email: fuweiIR@fuweifilms.com
In the U.S.:
Ms Leslie Wolf-Creutzfeldt
Investor Relations
Grayling
Phone: +1-646-284-9472
Email: leslie.wolf-creutzfeldt@grayling.com
