HARBIN, China, Dec. 7, 2015 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC)("China XD Plastics" or the "Company"), one
of China's leading specialty
chemical players engaged in the development, manufacture and sale
of polymer composite materials primarily for automotive
applications, today announced the results of the Company's 2015
Annual General Meeting ("AGM"), which was held on December 3, 2015, at 9:30
a.m. China Standard Time (December 2,
2015, 8:30 p.m. U.S. Eastern
Time) in Harbin, China.
The Company's shareholders approved the following proposals as
recommended by the Company's Board of Directors (the "Board"):
- Elected a total of eight (8) directors to the Board, including
two (2) directors elected solely by the holders of the Company's
Series D Preferred Stock, to serve until the next Annual General
Meeting and until their successors are duly elected and
qualified.
- Approved the 2014 compensation of the named executive officers
(the "say-on-pay vote").
- Ratified the appointment of KPMG Huazhen LLP as the Company's
independent auditors for the fiscal year ending December 31, 2015.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries (the "Company"), develops, manufactures and sells
polymer composite materials, primarily for automotive applications.
The Company's products are used in the exterior and interior trim
and in the functional components of 24 automobile brands
manufactured in China, including
AUDI, BMW, Toyota, Buick, Mazda, and VW Passat, Golf, and Jetta.
The Company's wholly-owned research center is dedicated to the
research and development of polymer composite materials, and
benefits from its cooperation with well-known scientists from
prestigious universities in China.
As of Sept 30, 2015, 350 of the
Company's products 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 growth
potential in international markets; the effectiveness and
profitability of the Company's product diversification strategy;
the impact of the Company's product mix shift to more advanced
products and related pricing policies; the volatility of the
Company's operating results and financial condition; the Company's
ability to raise additional capital to finance the Company's
activities; the Company's and its subsidiaries' ability to fully
perform all of their obligations under the guaranteed senior notes
transaction and other contractual obligations applicable to them;
the effectiveness, profitability, and the marketability of its the
ongoing mix shift to more advanced products; the prospect of the
Company's Dubai facility, and the
associated expansion into Middle
East, Europe and other
parts of Asia; the prospect of the
Company's Southwest China
facility, and its penetration into Southwest China; the impact of volatile crude
oil prices on the Company's efforts to diversify its product
offers; market for plastic resins; legal and regulatory risks; the
Company's projections of its revenues for performance in fiscal in
2015; the Company's ability to execute its growth strategy and the
effectiveness of its marketing strategy; the future trading of the
common stock of the Company; the Company's ability to operate as a
public company; the period of time for which its current liquidity
will enable the Company to fund its operations; 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 Company 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, it cannot assure you that its
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
Contacts:
China XD Plastics
Mr. Taylor Zhang
CFO (New York)
US Phone: +1 (212) 747-1118
Email: cxdc-ir@chinaxd.net
Grayling
Vivian Chen
Managing Director
Email: vivian.chen@grayling.com
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SOURCE China XD Plastics Company Limited