HARBIN, China, Dec. 11, 2015 /PRNewswire/ -- China XD Plastics Company Limited
(NASDAQ: CXDC, "China XD Plastics" or the "Company"), one of
China's leading specialty chemical
companies engaged in the development, manufacture and sale of
polymer composite materials primarily for automotive applications,
today announced that its subsidiary, Heilongjiang Xinda Enterprise
Group Co., Ltd. ("Xinda Group"), entered into a comprehensive
strategic cooperation agreement with the Institute of Chemistry,
Chinese Academy of Sciences ("ICCAS") for the research and
development of high-end polymer materials. The two parties will
join forces based on their respective specialized knowledge and
resources in advancing the development of the polymer materials
industry in China.
"I am pleased that we have entered into the cooperation
agreement with the Institute of Chemistry Chinese Academy of
Sciences, one of China's leading
scientific research institutions that has a strong track record of
successful collaborations," said Jie
Han, Chairman and Chief Executive Officer. "I am confident
that China XD Plastics' strong product development and marketing
capabilities in partnership with the Academy's advanced polymer
research will generate industry-leading developments and
cutting-edge applications in the polymer materials industry in
China."
The cooperation involves the establishment of a Xinda
Group-ICCAS Joint Laboratory intended to take advantage of China XD
Plastic's leading role in the polymer materials industry and
ICCAS's extensive research resources and expertise in polymer
materials and related fields in order to develop innovative
applications in high-end polymer materials and related
technologies. The Xinda Group-ICCAS Joint Laboratory will be funded
by Xinda Group. As part of the cooperation, Xinda Group also has
access to and the right to use up to 57 patents in the fields of
additive manufacturing, supra polymer, and functional polymer
materials owned by ICCAS.
On December 3, 2015 a signing
ceremony was attended by the General Manager Mr. Rujun Dai of Xinda Group, the Director of the
Heilongjiang Provincial Science and Technology Department, the
Deputy Mayor of Harbin City and
officials from China's National
Patent Office and the Technology Promotion Bureau of the Chinese
Academy of Science. Additional attendees include Professor Xigao
Jian, a member of the Chinese Academy of Engineering and Ph.D.
Advisor from Dalian University of
Technology, and more than 30 experts and scholars from top
scientific research institutions in China including Dalian University of Technology, Tsinghua
University, Jilin University,
Sichuan University, East China
University of Science and Technology and the Harbin Institute of
Technology.
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