HARBIN, China, July 8, 2016 /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 announces that it held a commissioning ceremony on July 7, 2016 at its new Sichuan manufacturing facility.
"We are grateful for the tremendous support from the Nanchong municipal and Shunqing district authorities as our new production facility in Sichuan Province was completed in a little over a year since the company broke ground," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer. "The commissioning ceremony featured our new, high-tech facility which is fully automated, and plant tours showcased the culmination of the cooperative efforts between our project development team and officials in the region and many partners who understand the evolution of China's Southwest region into a major high-tech and transportation manufacturing center to include automobiles, high-speed rail, shipping and aviation. With over 700 participants, we were able to showcase how our Sichuan campus will diversify our product platform into additional high-growth verticals such as advanced transportation, bio-degradable materials, medical-grade materials and food packaging."
"Our plant has been designed at the highest production specifications with state-of-the-art equipment to facilitate product deployment into new growth verticals while maintaining the highest standards in quality control and batch consistency," continued Mr. Han. "The new facility extends our geographical reach beyond our established Harbin base and new facilities in Dubai."
"The Sichuan plant will solidify our company leadership position with effective market coverage and penetration. It was evident at the commissioning ceremony that our commitment to quality, new technologies and loyal customers has enabled us to achieve another corporate milestone," concluded Mr. Han.
It is expected that extensive local and major Chinese media will be reporting on the event.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 28 automobile brands manufactured in China, including without limitation, Audi, Mercedes Benz, BMW, Buick, Chevrolet, VW Passat, Golf and Jetta, Mazda, and Toyota. The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of March 31, 2016, 369 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 the Company's English website at http://www.chinaxd.net, and the Chinese website at http://www.xdholding.com.
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 2016; 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.
China XD Plastics
Mr. Taylor Zhang, CFO (New York)
Phone: +1 (212) 747-1118
Investor Relations: Grayling Communications Inc.
Ms. Vivian Chen, Managing Director
US: +1 (347) 481-3711
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SOURCE China XD Plastics Company Limited