China XD Plastics Company Limited Announces the Success of the
Company's 5th Development Seminar on Macromolecule Materials
HARBIN, China, Dec. 3, 2012 /PRNewswire-FirstCall/ -- China XD
Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics", or the
"Company"), one of China's leading
companies engaged in the development, manufacture and sale of
modified plastics primarily for automotive applications, today
announced the successful completion of its 5th Annual Seminar on
the Development of the Macromolecule Materials Industry held in
Harbin, China on December 2th, 2012.
The annual seminar gives industry experts an opportunity to
discuss cutting-edge technologies and policy trends in plastics new
materials at an international level under the backdrop of current
macro-economic environment and future market trends. The attending
experts reviewed and evaluated the Company's research and
development ("R&D") projects to be initiated in 2013. The
seminar was attended by members of Chinese Academy of Engineering,
Chinese macromolecule industry academic leaders, industry analysts,
economists, Company executives and the Company's research
personnel.
At the beginning of this seminar, industry experts that are
Company consultants provided a comprehensive overview on the
Company's 28 research and development projects established in the
beginning of 2012. The Company has completed five (5) projects
during 2012 (the original goal of four (4) projects). Then, aligned
with the Company's Five-Year Development Plan, industry experts
conducted thorough review of 17 newly proposed R&D projects.
Under the review and examination over market acceptability,
government policy guidelines, technological feasibility, expected
return and R&D expenses, industry experts endorsed nine (9) out
of the 17 proposed R&D projects and determined that these nine
(9) projects met the government policy guidelines regarding
automobile, home appliance, high-speed rail, ocean vessel, aviation
and other fields for 2013. As an extension of the Company's effort
in 2012, the total 32 R&D projects (including nine (9) new
R&D projects of 2013), will be the cornerstone of the Company's
R&D initiatives in future.
The Chairman and CEO of China XD Plastics Company Limited,
Jie Han said: "It is the fifth
consecutive annual industry expert seminar that China XD Plastics
holds. We are excited that the company received the endorsements of
industry leading experts in China's macromolecule material industry. This
cements our company's determination of diversifying our product
mix, and continuing increase in R&D investment. Looking
forward, our company will continue our commitment to research and
development as before; deepen the technology exchanges and
cooperation with domestic and international industry leading
experts and scholars. Our company strives to solidify its industry
status in the field of modified plastic new materials. Meanwhile,
our company is poised to transform from the leading domestic
automobile modified plastics manufacturer to leading domestic
specialty chemical player, and to create greater long-term value
for the Company and the shareholders."
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells modified plastics,
primarily for automotive applications. The Company's products are
used in the exterior and interior trim and in the functional
components of 23 automobile brands manufactured in China,
including AUDI, BMW, Toyota, Buick, Mazda, VW Golf, Jetta, and
Hafei new energy vehicles. The Company's wholly-owned research
center is dedicated to the research and development of modified
plastics, and benefits from its cooperation with well-known
scientists from prestigious universities in China. As of
September 30, 2012, 236 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://cxdc.irpage.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, statements reflecting
management's current beliefs regarding the market acceptability,
technological feasibility, and expected return of our research and
development projects; policy trends in plastics new materials;
macro-economic environment and future market trends; our ability to
transition into a leading domestic specialty chemical player; and
our future growth prospects and market position. These statements
and other forward-looking statements are subject to uncertainties
and 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)
Phone: +1-212-747-1118
Email: cxdc@chinaxd.net
SOURCE China XD Plastics Company Limited