- The five new product certifications were granted by the FAW Group
HARBIN, 大发彩网官方网站China, June 4 /PRNewswire-Asia/ -- China XD Plastics Company Ltd. ("China XD Plastics" or the "Company"), (OTC Bulletin Board: CXDC), as the largest Chinese manufacturer engaged in the development, manufacturing, and distribution of modified plastics primarily for use in automotive applications, today announced that during the first quarter of 2009, the Company obtained five product certifications from the FAW Group Corporation, one of the leading automobile manufacturers and vanguard of automobile industry in China with sales of over 1.5 million units of automobiles in 2008.
The product certifications allow the Company to supply five newly launched specialized modified plastic products for automotive applications directly to suppliers of parts and components for the FAW Group. The product certifications received during the first quarter of 2009 are related to modified plastics supplied by the Company for the production of automobile interiorAAAAAterior and functional parts which include shell bodies for air filters, filters, radiators, car engine covers, and among others, assembled in medium and luxury vehicle models in China. Those five product certifications are specific to the FAW Group's Hongqi and Besturn, both of which are popular mid-level and luxury passenger sedan models in China.
"We are pleased to see tangible results from our consistent investment in research and development of new products," said Mr. Jie Han, Chairman and Chief Executive Officer of China XD Plastics. "The five newly launched products testify our national leading edge in technology to increase our product offering with higher value added products. All these products replace imported products which mainly come from large international modified plastic producers. We expect to achieve a sales volume of approximately 45,000 tons in 2010 for the five newly launched products with our cost advantages over imported products."
As of December 31, 2008, the Company has obtained a total of 117 product certifications, all of which have their status renewed and 76 of them are granted by the FAW Group. With the addition of the newly obtained five product certifications, China XD now owns a total number of 122 certifications, maintaining its leading position of modified plastics for automobile applications with the largest number of certifications in China. Currently, the Company is applying for 23 additional product certifications mainly for application of mid-level and luxury passenger brands.
About China XD Plastics Company LtAAAAAAAAA> China XD Plastics Company Ltd., through its wholly owned subsidiary Harbin Xinda Macromolecule Material ("Xinda"), 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-known scientists from leading Universities in China. By the end of 2008, 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. 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 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 Company's ability to successfully expand its production capacity; 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; 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 itAAAApectationAAAAAcept as may be required by law. Although the company believes that the expectationAAAApressed 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 LtAAAAAAAA> Mr. Taylor Zhang, Chief Financial Officer
Phone: +1-212-747-1118 (New York)
Mr. Allan Lao, IR Director
Phone: +86-451-8434-6600 (China)
CCG Investor Relations
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Mr. Ed Job, CFA
Phone: +1-646-213-1914 (New York)
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